Ethereum staking reached a record 43.8 million ETH at the end of September 2026, equivalent to 35.9% of total supply, Bitwise said in research published October 20. The sixth consecutive quarter of growth came despite lower annualized rewards, with more capital committed to securing the network.
Key Takeaways
- Ethereum recorded 1.99 million ETH in net staking inflows during the third quarter.
- Gross annualized staking yield declined to 2.63% from 2.81% in the second quarter.
- Validator records fell as operators consolidated balances following the Pectra upgrade.
Table of Contents
- Ethereum staking grows despite lower rewards
- Fewer validator records do not mean equivalent withdrawals
- Yield compression extends beyond Ethereum
- Conclusion
Ethereum staking grows despite lower rewards
Bitwise’s fourth-quarter 2026 staking report covers network activity through the end of the third quarter. It shows that more than one-third of ETH supply was participating in Ethereum’s proof-of-stake system, in which validators help process transactions and secure the blockchain in exchange for protocol rewards.
The increase in participation coincided with a 0.18-percentage-point decline in gross annualized yield. Under otherwise comparable conditions, greater participation spreads protocol rewards across more staked capital, reducing rewards per unit of ETH.
The figures describe two different aspects of staking: the amount committed to network security and the reward rate earned on that capital. A record staked balance therefore does not mean that participants are receiving higher yields.
| Item | Details |
|---|---|
| Solana | 69% of supply staked; 5.99% gross yield at the end of Q3 2026. |
| NEAR | 46% of supply staked; 4.87% gross yield at the end of Q3 2026. |
| Hyperliquid | 436 million HYPE staked; 2.24% gross yield at the end of Q3 2026. |
Fewer validator records do not mean equivalent withdrawals
Ethereum’s validator count declined from approximately 1.1 million to 881,000. Bitwise attributed the decrease primarily to consolidation under the Pectra upgrade, which allowed operators to combine validator balances more efficiently.
That distinction matters when interpreting network participation. A reduction in validator records does not necessarily represent a comparable fall in staked ETH or in the number of independent operators. In this quarter, the record staked balance and lower validator count moved in opposite directions.
Staking also does not permanently remove ETH from circulation. Withdrawals remain subject to Ethereum’s withdrawal mechanisms and validator exit queues, while participants face operational risks, potential slashing penalties and changes in ETH’s market value.
Yield compression extends beyond Ethereum
Bitwise also recorded falling gross staking yields on Solana, where the rate declined from 6.38% to 5.99%. Hyperliquid’s yield was broadly unchanged. The quarter-end figures below show how participation and reward rates differed across the other networks covered.
These are gross staking yields, not guaranteed investor returns. They should be considered separately from changes in token prices and the operational risks associated with staking.
Conclusion
The September quarter paired record Ethereum staking participation with a lower gross reward rate. The key measures to watch together are staked balances, yields and validator consolidation: none alone gives a complete picture of participation or staking economics.
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