As of today, over $4.6 billion worth of ETH is queued for withdrawal from staking in the Ethereum network. Data indicates a rise in the waiting time for withdrawing this cryptocurrency.
ETH Withdrawal Statistics
According to ValidatorQueue data, validators are seeking to unstake a total of 1,009,800 ETH from the network. The waiting time for this process has reached 17 days and 13 hours, setting a new record. The majority of the unstaked ETH comes from liquid staking protocols. Dune Analytics shows that the top three unstakers over the past month are Lido with 251,104 ETH, Ether.fi with 155,104 ETH, and P2P.org with 148,288 ETH.
Reasons for the Massive Unstaking of ETH
Despite substantial withdrawals, some validators are also waiting to stake more ETH. According to ValidatorQueue, 580,593 ETH is in the entry queue for staking, with a waiting time of over 10 days. Analysts have begun speculating about the reasons behind the mass unstaking, with particular focus on the performance of Ether itself. Over the past months, ETH has shown impressive growth, doubling its value in over three months and reaching a new all-time high of $4,953.73 on August 24.
ETH's Outlook Compared to BTC
According to CoinMarketCap, ETH has risen by 68.37% over the past three months, while BTC has only increased by 2.36%. Despite the withdrawals, demand for ETH remains high, with record inflows into ETH exchange-traded funds. Analysts expect that ETH could continue to outperform BTC in the long run, possibly linked to rising open interest on the Chicago Mercantile Exchange, indicating new capital inflows.
In conclusion, the current state of the ETH market shows activity in both withdrawals and staking. The analysis indicates that despite some corrections, ETH remains an attractive level for investors.
