The Ethereum exit queue has been rapidly growing since July 16, reaching a record 680,000 ETH worth $2.5 billion. This raises speculation about potential price decreases for ETH.
Ethereum Records: Exit Queue
As of July 24, the waiting time in the exit queue for Ethereum staking has reached nearly 12 days. This spike notably surpasses previous records, including one in January when over 500,000 ETH were in the exit queue.
Reasons for Exit Queue Growth
Multiple factors could explain the rapid growth of the exit queue. One reason is that long-term stakers are looking to lock in profits after ETH hit the $3,000 mark. Additionally, fluctuations on DeFi platforms and recent changes enhancing staking flexibility on Ethereum might be influencing this increase.
Future of Ethereum Prices
While the number of people waiting to unstake and possibly sell their Ethers is unusually high, the overall market context does not indicate a bearish trend. The entry queue has also increased significantly, and the growing institutional demand for ETH could cushion any impacts from validator sales.
Thus, the increase in the ETH exit queue raises questions about future prices, yet the overall market context suggests potential demand growth, which may balance any selling pressure.
