Ether fell 14% in a week, yet 912,000 ETH is waiting in line to be staked
Ethereum's entry queue holds 3.5 times more ether than its exit queue, Validator Queue data show. SharpLink's labeled wallet staked another 128 ETH on November 12 as the price slid.
Key points
- 911,938 ETH (about $1.75 billion) sat in Ethereum's staking entry queue early on November 13, with a wait of 16 days, 7 hours, on Validator Queue.
- Only 264,211 ETH (about $507 million) was waiting to leave, a wait of 5 days, 16 hours.
- Etherscan shows the wallet it labels SharpLink Gaming sent 128 ETH to Figment's staking depositor at 11:10 a.m. ET on November 12.
- Ether traded at $1,919 on CoinGecko, down 6.1% in a day and 13.8% in a week.
What the queues show
Staking means locking ether to help run Ethereum in return for rewards. To protect the network, only a set amount of ether can join or leave per epoch (about 6.4 minutes), so the rest waits in line. A long entry line means demand to stake. A long exit line means people want their coins back, often to sell.
Validator Queue, read at 12:50 a.m. ET on November 13, 2026, showed 911,938 ETH waiting to enter, a wait of 16 days and 7 hours. The exit line held 264,211 ETH, with a wait of 5 days and 16 hours. That makes the entry line about 3.5 times the exit line.
The site counts 801,185 active validators and 44.6 million ETH staked, 36.49% of supply, at a 2.43% yearly reward rate.
Ether waiting in Ethereum's staking queues
ETH
Source: Validator Queue, read November 13, 2026, 12:50 a.m. ET
The price backdrop
The queue numbers stand out because the price did the opposite. Ether traded at $1,919 on CoinGecko at 12:45 a.m. ET, down 6.1% in 24 hours and 13.8% in seven days. At that price the entry line is worth about $1.75 billion and the exit line about $507 million.
One treasury company kept staking
Etherscan labels one wallet SharpLink Gaming, the Nasdaq company that holds ether as a treasury asset. At 11:10 a.m. ET on November 12, that wallet sent 128 ETH (about $246,000 at the current price) to a contract Etherscan labels Figment: Eth2 Depositor 1, a staking service.
It is the wallet's biggest Figment deposit in the visible history. Since October 8 it has made five such deposits totaling 320 ETH. On September 28 it staked 8,159 ETH with Lido, and it now holds about 6,553 wstETH, Lido's staked ether token. Its other outgoing transactions among the latest 25 were staking deposits, plus one redemption request to Liquid Collective on September 17. None went to an exchange.
This is a small slice. CoinGecko lists SharpLink with 888,938 ETH in total, so most of its coins sit in wallets we did not check.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the long entry line shows that holders who already own ether, including treasury companies, are choosing to earn rewards rather than sell into the drop.
- The line is a lagging signal. Ether that joined it two weeks ago, at higher prices, is only now getting in, so new demand could look weaker by the time it clears.
- A jump in the exit line would be the clearer warning, since leaving stakers usually want liquid coins.
What's next
- Exit queue against 264,211 ETH
- Entry wait against 16 days
- Further Figment or Lido deposits from SharpLink's labeled wallet
- Ether against $1,919
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- Validator Queue, Ethereum entry and exit queues (read November 13, 2026, 12:50 a.m. ET)
- Etherscan, SharpLink Gaming labeled wallet (read November 13, 2026, 12:45 a.m. ET)
- CoinGecko API, ether price (read November 13, 2026, 12:45 a.m. ET)
- CoinGecko API, public companies holding ether (read November 13, 2026, 12:47 a.m. ET)
