Sharplink has earned a fresh 420 ETH in staking rewards over the past week without buying any additional Ethereum. This brings its total staking haul to 24,338 ETH, highlighting the ongoing gains from holding and staking ETH.
July started with a dip in Ethereum’s active validators, sliding from around 886,000 down to roughly 880,000. But by mid-month, that trend reversed. The validator count climbed back steadily, ending July near 887,000 to 888,000. While the rise might seem modest, it marks the first sustained recovery after months of decline, signaling renewed confidence in Ethereum’s staking ecosystem.
Staking Dynamics and Market Impact
At the beginning of July, the "Entry" queue for Ethereum staking had between 2.8 and 2.9 million ETH waiting to join. By month’s end, that backlog dropped to around 2.4 to 2.5 million ETH. This doesn’t mean demand is falling but suggests the network is onboarding new validators faster than new staking requests arrive.
The "Exit" queue stayed near zero almost all month, save for a few brief spikes. This indicates minimal selling pressure from stakers choosing to withdraw. More ETH was entering staking than leaving, pointing to a solid net inflow. For businesses like Sharplink, this environment supports steady accumulation of staking rewards since more capital is committed to securing the network rather than cashing out.
In comparison, Bitmine, the largest Ethereum decentralized autonomous trust (DAT), holds 5,787,414 ETH valued at $11.8 billion, with about 85% staked through its MAVAN platform. Sharplink’s holdings total 868,699 ETH, worth $1.65 billion. Despite the difference in scale, Sharplink’s stock price rose nearly 1% to $6.44 recently, while Bitmine’s dropped almost 2% to $17.57, even as ETH traded around $1,904.
