A 2.49M ETH activation backlog is not a 2.49M ETH spot bid: treasury firms can queue coins they already own, and BitMine reports 4,917,189 ETH staked against 5,787,414 ETH held. ValidatorQueue shows that clearing today’s backlog with no offsetting exits would lift staked supply from 33.87% to about 35.9%, squeezing a base APR already at 2.67%.

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