Bitwise analyst: The increasing amount of ETH that is about to be delisted may bring significant market selling pressure According to a report by Golden Finance, the validator exit queue of the Ethereum blockchain reached a record high of 855158 ETH on Friday. Juan Leon, a senior investment strategist at Bitwise, said that the increasing number of ETH that are about to be released may be the reason for the recent pullback of the asset. Unpledged Ethereum queues usually have a negative impact on ETH prices and may also bring significant market selling pressure in the future, as pledged tokens such as stETH can be traded at a discount, which reduces the value of collateral, leading to risk reduction, hedging, and even liquidation, ultimately resulting in ETH spot selling. Leveraged "stETH cycle" trading through DeFi protocol liquidity pools will no longer be profitable, and traders will form synchronous selling pressure by closing positions and selling ETH to repay loans.