Ethereum staking has hit a record 43.8 million Ethereum, capturing 35.9% of the total supply. That is the sixth straight quarter of growth, with 1.99 million Ethereum added, even as the gross yield for stakers fell to 2.63% from 2.81%.
What stands out is the split inside those numbers. More Ethereum is getting locked in, but the number of validator records has fallen sharply, from about 1.1 million to 881,000, because the Pectra upgrade lets operators consolidate. So the network is securing more value behind fewer validator entries. That leaves a clear tension in the data: capital kept flowing into staking even as yields weakened and the validator set became more concentrated.