Bitmine Stakes $3.33B in ETH as Unstaking Queue Hits Zero

Bitmine has staked $3.33 billion in ETH, a move that comes as the unstaking queue for Ethereum hits zero for the first time since July 2025. The company added 86,400 ETH to its holdings in a recent transaction, valued at approximately $266.3 million. This brings its total staked ETH to 1,080,512 coins, with a combined valuation of $3.33 billion.

The unstaking queue reaching zero suggests a shift in market sentiment and activity, with no ETH currently awaiting unstaking. This development aligns with a broader trend of institutional confidence in Ethereum, driven by large-scale staking and limited unstaking activity. Market observers see the move as a positive signal for Ethereum's future, with Bitmine's actions reinforcing bullish sentiment.

Ethereum's validator queues are currently near zero, indicating that the network can handle new staking and unstaking requests almost immediately. This liquidity improvement changes the psychological dynamics of staking, reducing the perception of scarcity and making staking more liquid for participants. As a result, staking is transitioning from a high-scarcity trade to a more neutral, steady-state condition.

Why Did This Happen?

Bitmine's recent staking activity reflects a broader institutional push into Ethereum, with the company reportedly holding a total of 1,080,512 ETH. This follows earlier reports of the company staking an additional 57,600 ETH to reach a total of 965,700 ETH, although official documentation has not yet confirmed this figure.

The move is being attributed to the leadership of Thomas Lee, who has been instrumental in shaping Bitmine's Ethereum strategy. The company's aggressive staking approach aims to establish it as a major player in the Ethereum network, leveraging its validator operations to influence network economics and market dynamics.

How Did Markets Respond?

Ethereum's price has shown signs of consolidation within a symmetrical triangle pattern, a technical indicator that suggests a potential breakout is imminent. While the price has not yet broken out of this range, there is considerable compression in key technical indicators, signaling that a significant price movement could occur soon.

Institutional activity continues to support Ethereum, with BlackRock and other major asset managers increasing their ETH holdings. This trend is reflected in rising open interest for Ethereum futures, which has climbed from $36 billion to $42 billion in early 2026.

What Are Analysts Watching Next?

Analysts are closely monitoring Ethereum's staking dynamics and technical price patterns for signs of a potential breakout. A confirmed move above the $3,300–$3,350 resistance level could trigger a short squeeze, pushing prices higher. Conversely, a breakdown below the $2,900 support level could lead to a rapid sell-off.

The zero unstaking queue and increased institutional staking are also being viewed as key indicators of market sentiment. These factors suggest that Ethereum holders are locking in their assets for the long term, reducing immediate sell pressure. This trend could have lasting implications for Ethereum's price volatility and market perception.

Grayscale has also made headlines by becoming the first U.S. ETF to distribute Ethereum staking rewards to investors. The Grayscale Ethereum Staking ETF (ETHE) issued a distribution of $0.083178 per share, reflecting staking income earned between October 6 and December 31, 2025. This move marks a milestone in the integration of digital assets into traditional investment products.

Overall, the convergence of institutional staking activity, technical consolidation, and market sentiment signals that Ethereum is at a pivotal moment. Investors and analysts alike are watching for clarity on whether the next move will be bullish or bearish.