Key Takeaways
- • Ethereum staking reached an all-time high of 43.8 million ETH by the end of September 2026, representing nearly 36% of total supply, according to Bitwise's quarterly staking report.
- • Average Ethereum staking yield fell to 2.63% in Q3 2026 from 2.81% in the prior quarter, as rewards were spread across a larger pool of staked ETH.
- • Ethereum recorded net staking inflows of just under 2 million ETH in the quarter, its sixth consecutive quarter of positive flows, with Bitmine's stake rising from 410,000 ETH to 5.07 million ETH.
- • More than 96% of Ethereum staking yield came from newly issued ETH, while network revenue fell to roughly $40.6 million from $63 million in Q2.
- • Solana active staking hit a record 440.5 million SOL, or 69% of supply, even as gross staking yields declined about 6%; transaction fee revenue rose 49% to $76 million.
Summary
Ethereum staking reached a new all-time high in the third quarter of 2026, according to Bitwise's latest staking report. By the end of September, 43.8 million ETH, nearly 36% of total supply, had been committed to staking, even as staking rewards continued to decline. Bitwise attributed the falling yield to growing participation: annualized Ethereum staking yields averaged 2.63% during the quarter, down from 2.81% in the previous three months, as rewards were distributed across a larger group of stakers.
Net inflows into Ethereum staking were just under 2 million ETH during the quarter, the sixth consecutive quarter of positive flows. Institutional participation was a significant driver. Bitmine, which Bitwise describes as the leading Ethereum treasury company led by Tom Lee, expanded its staking position by more than 1,000%, from 410,000 ETH in December to 5.07 million ETH as of September 27.
The report also highlighted the composition of Ethereum staking returns. More than 96% of staking yield came from newly issued ETH, with the remainder generated through transaction tips and MEV. Network revenue moved lower over the quarter, totaling roughly $40.6 million compared with $63 million in the second quarter, indicating that staking returns continue to depend largely on token issuance rather than activity-based revenue.
Solana showed a similar pattern. Active staking reached a record 440.5 million SOL, representing 69% of the network's total supply, while gross staking yields declined about 6%. Newly issued tokens accounted for 90% of staking returns. Network activity expanded over the same period: Solana processed 14.2 billion transactions, up 45% from the second quarter, with average transaction costs largely unchanged. Transaction fee revenue rose 49% to $76 million, driven mainly by memecoin trading, and tokenized equities trading volume increased 45% to more than $6.9 billion.
Net inflows into Ethereum staking were just under 2 million ETH during the quarter, the sixth consecutive quarter of positive flows. Institutional participation was a significant driver. Bitmine, which Bitwise describes as the leading Ethereum treasury company led by Tom Lee, expanded its staking position by more than 1,000%, from 410,000 ETH in December to 5.07 million ETH as of September 27.
The report also highlighted the composition of Ethereum staking returns. More than 96% of staking yield came from newly issued ETH, with the remainder generated through transaction tips and MEV. Network revenue moved lower over the quarter, totaling roughly $40.6 million compared with $63 million in the second quarter, indicating that staking returns continue to depend largely on token issuance rather than activity-based revenue.
Solana showed a similar pattern. Active staking reached a record 440.5 million SOL, representing 69% of the network's total supply, while gross staking yields declined about 6%. Newly issued tokens accounted for 90% of staking returns. Network activity expanded over the same period: Solana processed 14.2 billion transactions, up 45% from the second quarter, with average transaction costs largely unchanged. Transaction fee revenue rose 49% to $76 million, driven mainly by memecoin trading, and tokenized equities trading volume increased 45% to more than $6.9 billion.
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