Tom Lee’s BitMine Causes $8Bn Ethereum Staking Traffic Jam

Ben Graham · 15 horas atrás

Ethereum staking system just hit a huge traffic jam thanks to the Tom Lee-backed Ethereum treasury firm, BitMine. The company has staked so much ETH over the past few weeks that more than $8Bn now sits in line to be staked.

Since the beginning of 2026, Bitmine, which trades on the New York Stock Exchange, has locked up over 1.7M ETH, totaling more than $5.56Bn at current prices.

In total, BitMine owns 4.167M ETH, worth $12.99Bn, meaning it has locked up nearly 50% of the Ethereum it currently owns, effectively taking nearly 2M ETH out of circulation, per Arkham Intelligence data.

ETH is currently trading around $3,150, down -2.4% on the day, as the queue has stretched past 44 days. This is a sharp shift from late 2025, when exits, not entries, caused delays. This move fits a wider trend. Big institutions want Ethereum yield, not just price exposure, and nobody is moving faster than BitMine.

$8.3B Ethereum Staking Backlog Hits Record!

Tom Lee's BitMine Immersion staked 1.25M+ ETH from its $13B holdings → 2.55M ETH now queued.

New validators face 44+ day waits amid institutional rush.

"Activation pressure will persist"

Bullish signal or network strain? pic.twitter.com/M3Fz2aWsOM

— TonyFred (@cryptotonyfred) January 17, 2026

What is an Ethereum Staking Backlog?

Ethereum runs on proof-of-stake. Think of it like airport security, where only a fixed number of people can enter at a time, to keep things moving in an orderly fashion.

To earn staking rewards, you become a validator. You lock up ETH and help validate transactions on the network. When too many people try to access the network at once, Ethereum forms a queue for those wishing to stake.

Right now, more than 2.5M ETH waits in line. That is worth about $8.3Bn, and new validators must now wait over 44 days before earning a single dollar from staking yield.

BitMine caused most of this. The firm already staked over 1.7M ETH and still holds another 2.4M, which it may still choose to stake, potentially causing further log jams on the network.

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Institutional Demand Is Squeezing Ethereum Supply

This is not retail hype. This is treasury-level money, and BitMine alone controls more than 3% of all ETH and is maximizing the asset’s yield at 2.8% APY. Smaller Ethereum treasury firms, such as SharpLink, hold 0.7% of the ETH supply, valued at over $2.6Bn.

In total, over $19Bn in Ethereum is owned by publicly traded companies as part of a digital asset treasury strategy, which will significantly reduce sell pressure as these firms hold a long-term view of ETH, and many are using the Ethereum staking protocol to further yield.

At that figure, BitMine stands to earn around $148 million per year just from staking rewards alone, which will allow the company to worry less about rocky market conditions that could cause ETH to drop in price.

When ETH gets staked, it leaves circulation. That reduces the supply of liquid on exchanges. A lower supply often supports the price during steady demand.

This is why Ethereum staking keeps hitting records. Nearly a third of all ETH is now locked, as we explained in an article last week about Ethereum staking records.

The backlog also shows confidence. Institutions do not lock billions for years unless they plan to stick around, and BitMine is leading the charge. The firm, led by Tom Lee, has previously stated its intention to own 5% of the ETH supply and currently holds 3.453%.

(SOURCE:CoinGecko)

How This Affects Regular ETH Holders

If you already stake ETH, this is good news. Fewer exiters and more lockers support stable rewards. If you plan to stake now, patience matters. You will wait weeks before rewards start, as ETH earns nothing while queued.

Price-wise, the effect is indirect. Locked ETH cannot panic sell. That helps during market stress but does not guarantee price gains. It also explains why firms chase staking ETFs. BlackRock and Grayscale want yield exposure without having to manage validators.

Long queues cut flexibility. If something breaks or rules change, stakers cannot exit quickly. Large players also create centralization pressure. When one firm controls millions of ETH, network governance debates heat up.

For beginners, staking feels safe but still carries risk. Locked ETH stays locked through market drops. Never stake money you may need fast.

Ethereum is turning into a yield network for institutions. That trend favors long-term believers but demands patience from everyone else.

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