- Ethereum staking hit a record 43.8 million ETH in September, with institutional investors driving growth.
- However, staking yields and network revenue declined in the third quarter.
Ethereum staking reached a new record in the third quarter of 2026, with 43.8 million ETH locked into the network by the end of September. The increase highlights growing institutional interest in staking, even as annualized yields and Ethereum network revenue declined.
Ethereum Staking Reaches 43.8 Million ETH
Nearly 36% of Ethereum’s circulating supply was locked in staking at the end of September, according to Bitwise’s quarterly staking report. The total marked a new high for the network, showing that more ETH holders are committing their assets to help secure the blockchain.
Ethereum staking allows holders to lock up ETH to support transaction validation and network security. In return, participants receive staking rewards.
Ethereum recorded net staking inflows of nearly 2 million ETH during the third quarter. This marked the sixth consecutive quarter in which more ETH entered staking than left it.
The rising total also means a larger share of ETH remains committed to staking rather than being immediately available for trading.
Institutional Investors Drive Ethereum Staking Growth
Institutional participation continued to support Ethereum staking growth during the quarter. Bitwise identified institutional activity as a key driver of the increase.
Bitmine Immersion Technologies, a major Ethereum treasury firm, recorded one of the largest increases. The company expanded its staked holdings by more than 1,000%, reaching 5.07 million ETH by the end of September.
The increase highlights how corporate Ethereum holdings are becoming part of the broader staking market. Rather than simply holding ETH, companies can stake their assets to earn rewards while supporting the network.
However, staking returns remain subject to market conditions, and staked ETH may be subject to withdrawal restrictions or processing delays.
Ethereum Staking Yields Decline Despite Record Deposits
Although the amount of staked ETH reached a record, annualized staking yields moved lower.
Average yields fell to 2.63% in the third quarter, down from 2.81% in the second quarter. The decline means participants earned a lower annualized return on their staked ETH, despite the increase in total deposits.
Staking yields can change with network activity, validator participation and the amount of ETH staked. As more holders participate, rewards are distributed across a larger pool of staked assets.
The latest figures show that Ethereum staking continues to attract capital even as returns ease.
Ethereum Network Revenue Falls to $40.6 Million
Ethereum’s staking growth came alongside a decline in network revenue. The network generated $40.6 million in revenue during the third quarter, down from $63 million in the second quarter. The drop points to weaker revenue generation over the period, even as more ETH was committed to securing the network.
Staking participation and network revenue measure different aspects of Ethereum’s performance. More ETH being staked can strengthen network participation, but it does not automatically translate into higher revenue. This contrast leaves investors watching both staking activity and network usage to assess Ethereum’s broader performance.
Ethereum Price Trades Near $2,480
Ethereum was trading around $2,480, with record staking levels highlighting continued commitment from ETH holders despite declining yields and network revenue.
The record staking total highlights continued commitment from ETH holders, particularly institutional participants. However, lower staking yields and declining network revenue show that the increase in staked supply is not the only measure investors need to consider.
Ethereum’s future performance will depend on network demand, institutional participation and broader cryptocurrency market conditions.
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