Bets on ethereum continue to grow this year despite the emergence of spot exchange-traded funds (ETFs) and the digital asset's relative price weakness.
On October 8, blockchain analytics firm IntoTheBlock reported that ethereum staking was up 5.1% this year, with 28.89% of the total eth supply now staked, up from 23.8% in January.
Dune analysis data estimates that there are currently around 37.79 million eth at stake, worth approximately $84.8 billion, contributed by over a million validators. IntoTheBlock also reports that 15.3% of this staked eth has been locked for at least three years, reflecting strong investor confidence in ethereum's long-term potential.
Despite the increase in staked eth, ethereum's price growth has been modest compared to competitors like Solana. While the price of ethereum is up about 6% year-to-date to $2,447, Solana is up 41% in the same period.
Betting profitability
Staking, which involves locking eth to validate transactions in exchange for rewards, is central to ethereum's proof-of-stake (PoS) system. This process has attracted both institutional and retail investors, offering them the opportunity to earn returns on their staked eth.
Data from Dune Analytics shows that around 60% of bettors make profits, despite the asset's price challenges. The realized price for staked eth is around $2,265, while its current market price is $2,432, which translates to a 7% profit margin for interested parties.
Lido, a leading liquid staking platform, holds the largest share of ethereum staking, with 9.7 million eth staked, valued at approximately $24 billion at current prices.
Among centralized staking providers, Coinbase leads with 11% of the total share and holds over 4 million eth. Binance, which offers lower fees, controls 4.75%, or 1.6 million eth. Other platforms, such as Ether.fi, Kiln, Figment and Kraken also have significant market shares. In total, centralized exchanges account for 18.5% of the ethereum staking market.
Recently, ethereum co-founder Vitalik Buterin suggested lowering the minimum eth requirement for solo staking. If implemented, this measure could attract more participants and contribute even more to growth.
