Ethereum Staking Queue 2026 Hits Zero: The End of the Supply Shock Myth

The rush to lock up ETH has officially fizzled out. With the Ethereum staking queue 2026 metrics collapsing to zero, the long-held narrative of a 'supply shock' driving prices to new heights is losing its grip on the market.

As of January 6, 2026, Ethereum's validator entry and exit queues have cleared, allowing for near-instant staking and unstaking. This shift indicates that staking demand has moved from an explosive growth phase to a steady-state equilibrium. For investors, the once-lucrative 'scarcity trade' is being replaced by a more modest 3% yield reality, which fails to provide the same price-pushing pressure as before.

Empty Ethereum Staking Queue 2026: Why the Psychology Has Changed

When queues were long, ETH was effectively removed from the circulating supply faster than it could be processed, creating a structural supply crunch. Today, with queues at zero, the network behaves more like a liquid savings account than a locked vault. Galaxy Digital previously predicted that 50% of ETH supply would be staked by the end of last year, pushing prices above $5,500. However, staking participation has plateaued around 30%, leaving the supply shock thesis unfulfilled.

Fragmentation of Value: Solana and Base Outpace the Core

The bull case for Ethereum used to be simple: more usage equals more fees and more burns. But in 2026, that value capture is becoming fragmented. Ethereum's DeFi TVL sits at $74 billion, far below its $106 billion peak. Meanwhile, networks like Solana and Base are capturing the incremental growth. In fact, Base recently generated more fees than the Ethereum mainnet itself over a 30-day period, raising concerns about whether Ethereum's trajectory still accrues value to the ETH token.