Ethereum staking volume rises to 43.8 million ETH, hitting a
Bitwise's Q4 staking report shows Ethereum staking volume reached 43.8 million ETH, accounting for 35.9% of total supply, a record high, with net staking inflows of 1.99 million ETH in Q3; over the same period, the average annualized staking yield fell from 2.81% to 2.63%, while Solana's active staking volume rose to 440.5 million SOL.
Event Timeline
- [10-31 15:07] Record high: Ethereum staking volume reaches 43.8 million ETH (Odaily 星球日报)
- [10-31 15:27] Ethereum staking volume hits record 43.8 million ETH, Q3 annualized yield falls to 2.63% (PANews)
Background and Impact
On October 31, 2026, Odaily 星球日报 and PANews successively cited Bitwise's Q4 staking report in reporting that Ethereum staking volume had reached 43.8 million ETH, accounting for 35.9% of total supply, a record high; over the same period, Solana's active staking volume increased to 440.5 million SOL. Both sources noted that Ethereum saw net staking inflows of 1.99 million ETH in Q3, marking the sixth consecutive quarter of net inflows.
Yields also moved lower in tandem. In Q3, Ethereum's average annualized staking yield fell from 2.81% in Q2 to 2.63%, of which 96.3% came from ETH issuance; Solana's gross staking yield fell from 6.38% to about 6%, with nearly 90% coming from token issuance. Both sources noted that the above yields do not deduct service provider fees and are not equivalent to the actual yields received by customers. PANews, citing Bitwise, said a larger staking base pushes down returns; an executive at Payward, Kraken's parent company, said staking is typically countercyclical, with holding behavior increasing when the market is weak, pushing up staking demand and depressing yields. It should be noted that Source 1 describes Solana's 6.38% to about 6% as "gross staking yield," while Source 2 lists it alongside Ethereum as "average total annualized staking yield," so there is a difference in how the two frame the metric.
Institutional participation channels continue to widen. Coinbase said staking ETFs and digital asset treasuries are expanding participation channels. Kean Gilbert, head of institutional relations at the Lido Ecosystem Foundation, said that with custodians supporting staking, institutions can participate through existing custody relationships, and the focus of discussion has shifted to implementation issues such as validator decentralization, code audits and the proportion of funds staked; he expects that in five years people will ask why they ever held unstaked ETH. Source 1 also noted that unstaking ETH may take several weeks.
Along with changes in who participates in staking, searches around participation entry points have also increased, with keywords such as 火币HTX注册APP下载, 芝麻Gate.io注册APP下载, Bitget注册APP下载, 币安binance注册APP下载 and 欧易OKX注册APP下载 drawing attention; however, under the reporting methodology above, none of the yield figures deduct service provider fees, and actual returns remain subject to each service provider's disclosures.
Frequently Asked Questions
### Staking volume hit a record high, so why did yields fall instead?
PANews, citing Bitwise, said a larger staking base pushes down returns; an executive at Payward, Kraken's parent company, said holding behavior increases when the market is weak, pushing up staking demand and depressing yields. In Q3, Ethereum's average annualized yield fell from 2.81% to 2.63%.
### Where did Ethereum's staking growth in Q3 mainly come from?
Bitwise data shows Ethereum saw net staking inflows of 1.99 million ETH in Q3, the sixth consecutive quarter of net inflows, bringing total staked to 43.8 million ETH, or 35.9% of total supply. Coinbase said staking ETFs and digital asset treasuries are expanding participation channels.
### What implementation-level issues should be watched going forward?
Kean Gilbert, head of institutional relations at the Lido Ecosystem Foundation, said the focus of discussion has shifted to implementation issues such as validator decentralization, code audits and the proportion of funds staked; Source 1 also noted that unstaking ETH may take several weeks.