Bitwise data shows 43.8 million ETH was staked by the end of Q3, a record 35.9% of total supply. Gross staking yield fell to 2.63% over the same period, and the number of active validators dropped.
According to Bitwise, 43.8 million ETH was staked by the end of the third quarter of 2026, representing 35.9% of total supply. That is the largest amount of staked ETH ever recorded, and it came in a quarter when the reward for staking got smaller.
Inflows continue as yield slips
The figures come from Bitwise's Q4 2026 Staking Report, published on October 20, 2026. Net inflows into staking reached 1.99 million ETH during the quarter, the sixth consecutive quarter in which more ETH entered staking than left it.
However, gross staking yield fell to 2.63% in Q3, down from 2.81% in the previous quarter. The report also showed the count of active validators dropped to 881,000, down from approximately 1.1 million.
Consolidation behind the validator drop
Bitwise attributed the decline to operator consolidation following the Pectra upgrade, which made validators more efficient. As a result, the same staked ETH now runs through fewer, larger validator setups rather than many small ones.
The climb this year has been steep. Staked ETH stood at around 36.3 million at the start of 2026 and had pushed to nearly 44 million by the fall. Earlier October data put the total slightly lower, at 43.7 million ETH staked.
What Bitwise's research suggests
Bitwise's research suggests rising staked totals could draw more institutional capital seeking returns through staking. If that happens, it would likely push participation higher and yields lower, continuing the pattern seen in Q3.
The metrics to track are whether net inflows extend the streak to a seventh quarter, whether gross yield continues sliding from 2.63%, and whether the validator count settles after the post-Pectra consolidation.
Source: Crypto Briefing
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