Staking
Active stake rose by 1.73M ETH to 40.18M ETH in the second quarter, taking it from 31.62% of supply to 32.98%. Deposits brought in 5.17M ETH: 3.20M ETH through new compounding validators, 1.75M ETH through new validators with an execution address and 215,289 ETH in top-ups of existing validators. The deposit contract has now taken in 87.62M ETH since staking began.
Fewer validators held more of it. Active validators fell by 42,046 to 885,899 and their average balance went from 41.5 ETH to 45.4 ETH; compounding validators, which can hold more than 32 ETH, went from 23.71% of stake to 30.66%.
Staking paid an average of 2.81% a year over the quarter and ended it at 2.72%, against 2.78% at the end of the first quarter: 2.63% from consensus rewards and 0.19% from execution tips and MEV on average.
The queue to start staking shrank from 2.95M ETH to 2.91M ETH, and the wait went from 51.2 days to 50.6 days. The exit queue went the other way, from 5,300 ETH to 16,000 ETH, a wait of 7 hours against 2 hours.
Liquid staking protocols ended the quarter with 9.37M ETH of the active stake, against 9.81M ETH three months earlier; restaking through EigenPods held 2.24M ETH (3.27M ETH).
- Active stake30 Jun
- 40.18M ETH+1.73M ETH
- Share of supply actively staked
- 32.98%+1.36 pts
- Deposits in the quarter
- 5.17M ETH
- Compounding validators, share of stake
- 30.66%+6.95 pts
- Active validators
- 885,899−42,046
- Staking yield, quarter averagea year
- 2.81%
- Entry queue50.6 days wait
- 2.91M ETH
- Exit queue7 hours wait
- 16,000 ETH
ChartsETHTotal Effective BalancePlusETHStaked ETH Share of SupplyETHETH 2.0 New Value StakedETHStaking Deposits by TypePlusETHETH 2.0 Total Value StakedETHCompounding Validators' Share of StakeETHActive ValidatorsPlusETHAverage Validator BalancePlusETHStaking APRPlusETHValidator Entry and Exit QueuesETHValidator Queue Wait TimeETHStaked ETH by Entity Type (Estimated)Plus
Fees, burn and issuance
Ethereum users paid 24,835 ETH in fees in the second quarter, 42.5% more than the first quarter's 17,425 ETH. The base fee burned 7,972 ETH of that, against 3,545 ETH in the first quarter, and validators kept 16,863 ETH in tips.
Net of the burn, ether was issuing at 0.84% a year when the quarter ended, against 0.82% three months earlier: 0.85% from issuance less 0.01% burned.
Rollups paid 6.7 ETH in blob fees, about $14,020; Base paid 2.9 ETH, Arbitrum One paid 0.689 ETH and World Chain paid 0.668 ETH.
- Total fees
- 24,835 ETH+42.5%
- Burned at the base fee
- 7,972 ETH
- Validator tips
- 16,863 ETH
- Net issuance, a year
- 0.84%+0.02 pts
- Blob fees
- 6.7 ETH
Holders
At the end of the quarter 27.9% of ether supply was in profit, against 42.2% at the end of the first quarter. That is 21.90M ETH, down from 33.76M ETH.
Ether that had not moved for a year or more made up 52.3% of supply, against 51.2%; smart contracts held 43.8%, against 42.5%.
- Supply in profit30 Jun
- 27.9%−14.33 pts
- Unmoved for a year or more
- 52.3%+1.11 pts
- Held in smart contracts
- 43.8%+1.27 pts
US spot ETFs
The US spot ether ETFs whose daily holdings files we read gave up a net 248,439 ETH in the second quarter, over the 62 trading days in our data. Together they held 3.06M ETH on 30 Jun; the funds we read all quarter went from 3.31M ETH to 3.06M ETH (−7.5%).
The biggest day was 9 Apr, with +43,994 ETH; the heaviest outflow came on 23 Jun, at −52,939 ETH; by fund, ETHB took in 93,425 ETH, EZET took in 369 ETH, ETHA gave up 339,880 ETH and ETHV gave up 1,853 ETH.
- Ether ETF net flow62 trading days, funds we read daily
- −248,439 ETH
- Ether ETF holdings30 Jun
- 3.06M ETH
Treasury companies
Companies that file with the US SEC added a net 1.07M ETH in the second quarter, by the holdings they reported, and ended the quarter with 6.97M ETH.
- Company ether holdingsSEC filers, as reported
- 6.97M ETH+1.07M ETH
CME futures positioning
On CME ether futures, in the last CFTC report dated in the second quarter (30 Jun), asset managers were net short 152,742 ETH, from net short 5,418 ETH on 31 Mar; leveraged funds were net short 246,338 ETH, from net short 520,846 ETH on 31 Mar; dealers were net long 406,913 ETH, from net long 521,018 ETH on 31 Mar.
The CFTC publishes these positions each Friday for the Tuesday before. Asset managers are funds that mostly hold futures alongside other assets; leveraged funds include hedge funds running basis trades, which pair short futures with long ETF or spot positions.
- CME ether, asset managers net
- −152,742 ETH−147,324 ETH
- CME ether, leveraged funds net
- −246,338 ETH+274,507 ETH
- CME ether, dealers net
- +406,913 ETH−114,104 ETH
Prices
Ether closed the second quarter at $1,572, down 25.3% on the quarter.
- Ether quarter close
- $1,572−25.3%
ChartsETHPrice
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How this review is made
The review is written automatically after each quarter closes, from the charts CryptoKeyhole publishes. Staking and fee figures come from our own Ethereum execution and consensus nodes. Active stake is the validators' effective balance; the deposit contract's total is every ether ever deposited and does not fall when a validator exits. No one edits the figures, and each sentence only restates them.
A quarter is a calendar quarter in UTC. A level compares the last reading of the quarter with the last reading of the quarter before; a flow is the sum of every day of the quarter. A chart whose history starts inside a quarter gives no figure for it. Each linked chart explains its source and calculation.
The sentences describe the quarter's data and make no forecasts.