| Key Points: – Over half of ETH is deposited, but active validator stake is lower. – Cumulative deposits include pending, exiting, and withdrawn ETH, skewing headline percentages. – Active stake measures validators securing the chain, not all deposited balances. |
Ethereum’s staking share just passed a headline threshold, but definitions matter. According to Santiment, staking deposit contract addresses now collectively hold more than half of all ETH ever issued (forklog.com). CoinShares counters that roughly 37 million ETH, about 30.8% of supply, is actually active in validators (en.bloomingbit.io).
The deposit contract tracks cumulative ETH sent for staking. Not all of that balance is live: some awaits activation, some is in exit or withdrawn state. Active stake reflects validators currently securing the chain.
The widely cited 50% figure refers to cumulative deposits and historical issuance before burn mechanisms, not strictly the live, active stake. This methodological gap explains why “over half deposited” can coexist with a much lower active stake.
Key metrics to watch include validator entry and exit queues, liquid staking token yields, and concentration across major operators and intermediaries, particularly if institutional participants increase staking exposure.
BitMine adds 20,000 ETH amid staking milestone
Against this backdrop, BitMine added 20,000 ETH to its treasury as the staking milestone drew attention, as reported by CoinGape (coingape.com). The firm has been accumulating despite volatility.
Management has framed recent drawdowns as opportunities to keep building exposure. BitMine’s chairman, Tom Lee, has called recent price dips “attractive entry points,” as reported by Cointelegraph (cointelegraph.com).
At the time of this writing, ETH trades near $1,954 with very high 18.04% volatility and a neutral RSI around 35, while near‑term sentiment is bearish. These figures are presented for market context only.
Institutional participation in staking can influence liquidity and validator concentration. If large holders stake more, yields may compress over time while security improves, but exit dynamics and concentration risks warrant monitoring.
FAQ: active stake and institutional staking exposure
Is more than half of ETH actually staked today?
Not by active validators. Cumulative deposits exceed half in some datasets, but active staked ETH is materially lower due to pending activations, exits, and withdrawals.
What’s the difference between cumulative deposits and active staked ETH?
Cumulative deposits count all ETH ever sent to the deposit contract. Active staked ETH reflects validators currently participating, excluding pending, exited, or withdrawn balances.
Disclaimer:
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