Core Insights - A significant increase in staking activity from BitMine Immersion is causing delays in the Ethereum network, with over 2.55 million ETH (approximately $8.3 billion) waiting to be activated, resulting in a wait time exceeding 44 days for new validators to earn staking rewards [1][2][4] Group 1: Current Network Status - The Ethereum network is experiencing its longest validator wait time since mid-2023, primarily due to a backlog caused by BitMine staking over 1.25 million ETH, which is more than a third of its holdings [1][4] - The current backlog is the largest since late July 2023, following the full implementation of Ethereum's proof-of-stake mechanics [2] Group 2: BitMine's Activity - BitMine, led by Thomas Lee of Fundstrat, holds over $13 billion in ETH and has been actively transferring hundreds of millions of dollars worth of ETH for staking purposes [4][5] - With nearly 3 million ETH remaining unutilized on BitMine's balance sheet, the queue for new validators could potentially increase further [5] Group 3: Institutional Interest - A new wave of institutional staking demand may be emerging, as major players like BlackRock and Grayscale are exploring staking options for their ETFs [7][8] - The activation pressure is expected to continue, with many approved exchange-traded products and treasuries yet to fully activate staking, collectively holding around 10% of Ethereum's circulating supply [8]

Today, Bitcoin wrestles with the $90,000 mark to kick off [music] the week. Black Rockck files for a staked Ether ETF. And The Wolf of All Streets host Scott Melker breaks down what's driving the crypto market as we head into year end.[music] Welcome to CNBC's Crypto World. I'm McKenzie Sagalips. Major cryptocurrencies are in the green to kick off the week as investors await the Fed's last meeting of this year later this week.Bitcoin, it's pretty much unchanged, still trading just below that $90,000 level. ...