The queue to become an Ethereum validator, which permits staking of ETH, has reached its highest level in two years, with 860,000 ETH (approximately $3.7 billion) currently in line. Analysts attribute this surge to fresh investments into ETH treasury management firms such as SharpLink and BitMine Immersion, alongside decreasing network fees which have made staking more appealing. Processing the queues will require around 14 days, as entry and exit limits restrict the number of validators able to join daily. Increased institutional interest has fueled this trend, evidenced by more than $13 billion flowing into Ethereum ETFs recently. Additionally, BitMine, having shifted focus from Bitcoin mining, now holds $8.1 billion in ETH, aiming for 5% of the total supply. The growth of ETH treasuries is also influencing more investors to stake their holdings through these outlets, hoping for substantial returns. Ethereum, the second-largest cryptocurrency, is currently trading at around $4,416, and market sentiment indicates a bullish outlook, with many believing it will reach $5,000 by the year's end.

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