Ethereum Staking Hits Record 43.8 Million ETH, Equal to 35.9% of Supply - bloomingbit

Ethereum staking climbed to a record high in the third quarter of 2026, according to a new staking analysis from Bitwise. The firm reported that 43.8 million ETH was staked at quarter-end, the highest level on record and equal to 35.9% of total supply. Net inflows during the quarter totaled 1.99 million ETH, and staking balances have now risen for six consecutive quarters.

Yields moved in the opposite direction. Ethereum's total staking yield declined to 2.63% from 2.81% in the previous quarter. Bitwise said staking reward rates are trending lower across major proof-of-stake networks, and it pointed to Solana as a similar case: 69% of Solana's total supply was staked, while its reward rate dropped to 5.99% from 6.38%. On NEAR, 46% of supply was staked and the reward rate stood at 4.87%.

Validator counts also declined on both networks. Ethereum's validator count fell to 881,000 from about 1.1 million. Bitwise attributed the drop to operators consolidating validators after the Pectra upgrade, while the amount of staked ETH was maintained. Solana's validator count fell to 659 from 696, about 30% lower than a year earlier, with Bitwise citing operating costs as the main driver.

Bitwise said network usage costs are falling and staking balances are growing, but the yields compensating users are declining. It characterized major proof-of-stake networks as shifting toward a structure that supports growth at lower cost.

The report also highlighted growth in on-chain traditional finance. Tokenized stock trading volume on Solana rose 45% from the prior quarter to $6.93 billion. On Hyperliquid, non-crypto assets accounted for 36.5% of perpetual futures trading volume. Tokenized stock trading on Robinhood Chain also expanded rapidly, with average daily volume rising 22-fold between July and September.