Ethereums exit from the validator queue is worth nearly $2 billion, possibly due to stakers concentrated profit-taking after a 160% increase
Odaily News As of the afternoon of July 23rd, Eastern Time, the Ethereum validator exit queue had accumulated 519,000 ETH, which is approximately US$1.92 billion based on current prices. The exit waiting time has exceeded 9 days, setting a new high since January 2024.
Analysts pointed out that this exit wave was mainly affected by concentrated profit-taking after ETH rebounded 160% from its low point in April. Andy Cronk, co-founder of Figment, said, When prices rise, both retail investors and institutions will choose to unstake and cash in their profits.
It is worth noting that Ethereum treasury companies SharpLink Gaming and Bitmine have frequently purchased ETH in the market recently. Some institutional investors may choose to release pledges and make physical investments to participate in fundraising for such projects. Matthew Sheffield, head of spot trading at FalconX, said that many ETH treasury projects have been active in the market in recent weeks, and the surge in exit queues may be related to this.
Despite the increase in the number of unstaked tokens, the demand for staking remains strong. Currently, there are about 357,000 ETH (worth $1.3 billion) waiting in line for staking, and the waiting time in the queue exceeds 6 days, which is also the highest since April this year. Since the SEC clarified on May 29 that staking does not violate securities laws, institutional participation has increased significantly. Data shows that the number of active validators has increased by 54,000 since late May, approaching the historical high of 1.1 million. (CoinDesk)
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