Key Takeaways
- • Staked ETH reached a record 40.2M, about 33% of total supply, with most new stake this year coming from institutions including staking ETFs, corporate treasuries and other large holders, according to Bitwise.
- • Staking ratios remained high across covered networks: Solana 68%, Near 45%, Hyperliquid 44% and Avalanche 41%.
- • Ethereum throughput rose 73% and Avalanche processed 4x the transactions of a year earlier, with both networks deliberately lowering blockspace costs and demand responding.
- • Institutional staking is extending to younger networks, with Coinbase and Circle each recently staking 500,000 HYPE on Hyperliquid.
Summary
Bitwise Asset Management has published the inaugural edition of the Bitwise Staking Report, a new quarterly digest of staking and protocol metrics across leading proof-of-stake networks. The report's central finding is divergence: crypto prices fell while network fundamentals strengthened, with staking reaching record levels and on-chain usage climbing. The only protocol metric that declined was fees, which Bitwise describes as intentional.
Staking activity hit a record 40.2 million ETH, equal to roughly 33% of Ethereum's supply. According to the report, most of the new stake added this year came from institutional participants, including staking ETFs, corporate treasuries and other large holders, who continued adding stake even as prices declined.
Staking ratios stayed elevated across every network Bitwise covers, including Solana at 68%, Near at 45%, Hyperliquid at 44% and Avalanche at 41%. Usage grew alongside staking. Ethereum's throughput rose 73%, and Avalanche processed four times as many transactions as a year earlier. Both networks lowered blockspace costs deliberately, and demand increased in response.
Institutional staking is also expanding to younger networks. On Hyperliquid, Coinbase and Circle each recently staked 500,000 HYPE. The full report examines Ethereum, Solana, Hyperliquid, Avalanche, Near and the new Tempo chain network by network.
Bitwise Asset Management describes itself as a global crypto asset manager with $9 billion in client assets and more than 70 investment products spanning ETFs, separately managed accounts, private funds, DeFi strategies and staking. The firm serves more than 5,500 private wealth teams, RIAs, family offices and institutional investors, along with 21 banks and broker-dealers.
Staking activity hit a record 40.2 million ETH, equal to roughly 33% of Ethereum's supply. According to the report, most of the new stake added this year came from institutional participants, including staking ETFs, corporate treasuries and other large holders, who continued adding stake even as prices declined.
Staking ratios stayed elevated across every network Bitwise covers, including Solana at 68%, Near at 45%, Hyperliquid at 44% and Avalanche at 41%. Usage grew alongside staking. Ethereum's throughput rose 73%, and Avalanche processed four times as many transactions as a year earlier. Both networks lowered blockspace costs deliberately, and demand increased in response.
Institutional staking is also expanding to younger networks. On Hyperliquid, Coinbase and Circle each recently staked 500,000 HYPE. The full report examines Ethereum, Solana, Hyperliquid, Avalanche, Near and the new Tempo chain network by network.
Bitwise Asset Management describes itself as a global crypto asset manager with $9 billion in client assets and more than 70 investment products spanning ETFs, separately managed accounts, private funds, DeFi strategies and staking. The firm serves more than 5,500 private wealth teams, RIAs, family offices and institutional investors, along with 21 banks and broker-dealers.
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