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Data: Approximately 519,000 ETH is currently queued to exit the Ethereum PoS network, with the exit queue reaching its longest wait time in nearly a year and a half.
BlockBeats News, July 23rd: Ethereum validators' exit queue on Tuesday hit the longest waiting time in over a year, which may indicate that stakers are eager to withdraw their funds after a significant ETH price surge.
The validator queue tracking website validatorqueue data shows that as of Tuesday afternoon US time, about 519,000 ETH (valued at $1.92 billion at the current price) is in the withdrawal queue. This is the largest exit queue since January 2024, leading to withdrawal delays of over 9 days.
Andy Cronk, co-founder of staking service provider Figment, stated: "During price increases, people unstake and sell to lock in profits. We have observed both retail and institutional players following this pattern over multiple cycles." He added that large institutions changing custody providers or wallet technology could also trigger large-scale unstaking.
Despite the wave of unstaking, the market may not necessarily face significant selling pressure because the demand for staking from new validators is also strong. Currently, there are 357,000 ETH (worth $1.3 billion) waiting to enter the network, and the admission queue has stretched to over 6 days, setting a new record since April 2024. Some of the new demand may come from the ETH treasury fund. The SEC's statement that staking is not illegal further boosts institutional interest. Data shows that the number of active validators has increased by 54,000 since late May, reaching a historic high of nearly 1.1 million.
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