The Ethereum validator exit queue has returned to zero, a reversal from last year’s market crash when waiting times peaked at 44 days. Now, entry into staking takes nearly 44 days, with over 2.5 million ETH in the queue. Bitmine Immersion Technologies announced holdings of 5.79 million ETH, representing 4.8% of total supply, with staked ETH generating an annualized reward of $299 million. Nearly 34% of Ethereum’s supply is locked in staking, even as yields fell to 2.62% from 3.05% a year ago. Analyst Burak Kesmeci noted the average cost basis of $2,305 exceeds the market price of $1,938, suggesting ETH remains “cheap.” However, MVRV and profitability metrics indicate it is too early to call a bottom.
The Ethereum validator exit queue has hit zero, contrasting sharply with last year’s market crash when over 2.6 million ETH queued for exit with a waiting time of roughly 44 days. Currently, it takes nearly 44 days to gain entry, with just over 2.5 million Ethereum waiting in the validator queue.
Bitmine Immersion Technologies announced total holdings of $11.8 billion, comprising crypto, cash, and marketable securities. The firm holds 5,787,414 ETH at $1,948 per ETH, which is 4.8% of the total supply, with 4,917,189 ETH staked for a projected annualized staking reward of $299 million.
Analyst Merlijn the Trader wrote in a post on X that nearly 34% of the total Ethereum supply is locked in staking. ETH staking now earns 2.62%, down from 3.05% a year ago, reflecting increased demand to stake despite falling rewards.
Falling exchange Ethereum reserves point to steady accumulation trends. An uptick in smart contract deployment and median fees, alongside under-control leverage, suggests prices could recover in the short term.
Crypto analyst Burak Kesmeci observed that the average cost basis stands at $2,305, compared to Ethereum’s market price of $1,938. This means the leading altcoin remains effectively “cheap” relative to its realized price.
Combined with growing institutional participation and long-term holder conviction, the data indicates Ethereum may be attracting long-term investors despite ongoing market uncertainty. However, other metrics such as MVRV and profitability show it is too early to call a bottom for either Ethereum or Bitcoin.
