Sharplink hits 21K ETH in staking rewards while the price drops nearly 30% in a month 🪙

Sharplink, the second-largest Ethereum [ETH] digital assets treasury (DATs) company, has accumulated 21,119 ETH in total staking rewards after adding another 529 ETH over the past week. The milestone comes as ETH traded at $1,634.58 at press time, down nearly 30% over the previous month.

Ethereum's validator queues in June pointed to a staking environment that remained strong even as activity cooled. The "Entry" queue gradually shrank from about 3.2 million ETH at the start of the month to roughly 3 million ETH by 09 June, indicating that demand for new staking was still high even as the surge from late April and early May subsided. The "Exit" line, by contrast, stayed close to zero for most of June, with only a brief uptick in late May that carried into early June before quickly fading — a pattern suggesting validators continued to prefer staking over withdrawing.

Over the same period, the total amount of Ethereum staked climbed from about 39.1 million ETH at the start of June to more than 39.25 million ETH by 09 June, a new high for the timeframe. The share of ETH's circulating supply locked in staking edged up from roughly 32.1% to above 32.2%, reinforcing the picture of holders choosing to stake rather than sell or keep their tokens liquid.

Despite Sharplink's progress, the company remains well behind Bitmine Immersion Technologies, Inc., which has staked 4,718,677 ETH — equivalent to $7.7 billion at $1,630 per ETH. Bitmine's own ETH holdings have climbed to 5,543,872 ETH, worth $9.06 billion, underscoring the gap between the two largest ETH treasuries.