According to reports, Ethereum is experiencing the largest validator exit wave in cryptocurrency history, with over 1 million Ethereum (ETH) currently waiting to be withdrawn from staking through the Ethereum Proof of Stake (PoS) network.
On Thursday, the Ethereum exit queue surpassed 1 million Ethereum (ETH), with a total value of $4.96 billion. This figure represents the amount of Ethereum that network validators plan to withdraw, as these validators play a crucial role in adding new blocks to the blockchain network and verifying transactions within those blocks.
According to blockchain data from the validator queue, the mass exit has extended the waiting time for validators to exit to a record 18 days and 16 hours.
While this does not mean that all validators plan to sell their held assets, considering that Ethereum has risen 72% over the past three months, a significant portion of the nearly $5 billion in ETH may be used to lock in profits.
"The exit queue reaching 1 million ETH reflects healthy market dynamics rather than a cause for concern," said Marcin Kazmierczak, co-founder of RedStone blockchain oracle company, adding:
He noted that "unprecedented demand" from public channels such as custodial firms and exchange-traded funds means that the sell-off by validators "can be easily absorbed by institutional demand."
Iliya Kalchev, an analyst at the Nexo digital asset platform, pointed out that Ethereum remains a "liquidity magnet" in the crypto industry, with Ethereum futures open interest nearing $33 billion, indicating strong institutional interest.
Analysts stated, "Standard Chartered reiterated that even at current levels, ETH and ETH custodians are still undervalued, predicting a year-end target price of $7,500." He added:
Analysts believe that Ethereum "is likely to test $5,000" and noted that investor demand may be influenced by the initial jobless claims report released by the U.S. on Thursday and the Personal Consumption Expenditures Price Index (PCE, the Fed's preferred inflation gauge) released on Friday.
In comparison to the 1 million Ethereum planned for exit from the network, only 737,000 Ethereum are waiting in the queue to be staked, with an average waiting time of 12 days and 19 hours.
Nevertheless, the network remains stable, with over 1 million active validators and 35.6 million Ethereum, accounting for more than 29.4% of the total supply.
Related: Trump Media Technology Group to establish CRO treasury company through $6.42 billion deal with Crypto.com
Original article: “Ethereum Exit Queue Hits Record High, Reaching $5 Billion ETH, Raising Sell Pressure Concerns”
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