Ethereum Unstaking Requests Reach Record High of $2.6 Billion

The Ethereum blockchain is experiencing significant unstaking activity, leading to a price pullback. Unstaking requests have reached an 18-month high of $2.6 billion.

Key Points

Nearly 693,000 ETH, valued at $2.6 billion, are currently in the validator exit queue.
Exit wait times have increased to 12 days, highlighting the scale of withdrawals.
Staking demand remains lower, with only 296,000 ETH queued for entry.
The previous peak on January 5, 2024, involved approximately 518,000 ETH and was triggered by Celsius's mass-unstaking.
ETH price pulled back to $3,550 but has since recovered to $3,761, with a market cap exceeding $454 billion.
Cathie Wood noted that Robinhood's new incentive program and institutional reallocations are influencing unstaking trends.
Everstake indicated this activity reflects strategic shifts rather than fear or instability within the Ethereum network.