Ethereum ended the third quarter with more stake securing the network than at any point in its history, according to Bitwise’s Q4 2026 staking report. A record 43.80 million ETH, equal to 35.9% of the total supply, now sits locked in validators. The figure marks a sixth consecutive quarter of growth, with net inflows of 1.99 million ETH. But the same three months pushed the reward for securing Ethereum lower once more, squeezing the economics validators depend on.