Ethereum's validator entry queue is nearing 1 million ETH, creating an estimated wait time of around 17 days for new validators. The influx of staked Ether is largely attributed to BitMine Immersion Technologies, which has recently contributed 82,560 Ether, valued at approximately $259 million, to the staking system.
This addition raises BitMine's total staked Ether to 544,064, amounting to around $1.62 billion based on current market valuations. The company initially began staking ETH on December 26, transferring nearly $219 million worth of Ether to staking contracts.
Despite the surge in staking, exit activity remains low, with just over 113,000 ETH waiting to be withdrawn. Currently, more than 35.5 million ETH, representing about 29% of Ethereum's total supply, is staked, yielding an annualized return of approximately 2.54%.