Ethereum's staking queue has reached a backlog of over $8.3 billion, driven by significant activity from BitMine Immersion (BMNR). The network now faces a wait time of over 44 days for new validators, the longest since mid-2023. BitMine, led by Thomas Lee, has staked over 1.25 million ETH, contributing to the congestion. The Ethereum network, which limits daily validator entries to maintain stability, is experiencing this surge as BitMine continues to transfer large amounts of ETH for staking. This situation contrasts with the previous months when validators were exiting due to infrastructure issues. The current backlog coincides with growing institutional interest in staking, as firms like BlackRock and Grayscale explore staked ether ETFs.