Ethereum staking yields around 2.2%, below key euro cash benchmarks, yet roughly 1.38 million ETH is waiting to enter the queue. Investors who already want to own ETH weigh the extra tokens differently from savers shopping for an interest rate. Price swings can still erase the income.
Roughly 1.38 million ETH is waiting to enter staking as of Oct. 23, with an estimated wait of 24 days and nine hours. That queue forms even though Ethereum staking yields about 2.2%, less than key euro cash benchmarks.
Staking edges out deposits but trails the wholesale rate
Put €10,000 into staking at 2.2% and, if ETH's price stays unchanged, the investor earns about €220 over a year. That is just €7 more than the average rate on new euro household deposits with maturities up to one year.
The wholesale euro overnight benchmark, €STR, was 2.442% on Oct. 22. The annual gap between stETH and that benchmark is €24.20 on €10,000, whereas a 5% fall in ETH's euro price would leave the staked investment worth about €9,709.
Recent prices show the same imbalance. ETH lost 9.08% in euros over the 30 days ending Oct. 22, while wrapped stETH lost 8.93%.
Why large holders keep staking
BitMine reported 5,067,309 ETH staked as of Oct. 18, worth about $12 billion at the $2,365 ETH price used in its announcement. It owned roughly 6.04 million ETH altogether, so collecting rewards meant putting an existing holding to work.
Fabian Dori, Sygnum's chief investment officer, told CryptoSlate: "the marginal staker is no longer necessarily there for the return." He added that holders are staking because they want long-term exposure to Ethereum.
Exit queues and slashing add risk
New direct validators earn no native staking rewards while waiting to activate. Withdrawals can also face queues: a 43-day exit wait hit in September 2025 as Kiln withdrew validators during the SwissBorg-related security incident.
Lido warns that market sales can suffer discounts, wider spreads, or worse execution when liquidity is scarce. Validators going offline can lose income, and certain violations can trigger slashing that cuts the stake.
The queue can keep attracting investors who already hold ETH, because the decision to own Ethereum has been made and staking determines what the holding earns.
Source: CryptoSlate
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