Institutional staking share hits 35.3% as ETH staked tops 43M

The shift here is structural rather than cyclical: staking is consolidating around a handful of large, branded operators while Lido's relative position erodes, which changes who controls validator concentration and how governance influence is distributed across the network. Bitmine's rapid climb is the standout, since it moved from marginal to a top-three position in six months. The open question is whether Lido's decline reflects deliberate diversification by stakers or simple share loss to better-capitalized institutional entrants, and whether concentration among a few operators becomes a policy talking point.