About 519,000 ETH are waiting to exit the Ethereum PoS network, and the exit queue has the longest waiting time in nearly a year and a half

On July 23, the Ethereum validator exit queue hit the longest waiting time in more than a year on Tuesday, which may indicate that stakers are eager to withdraw funds after the sharp rise in ETH prices.

According to data from validatorqueue, a validator queue tracking website, as of Tuesday afternoon, US time, about 519,000 ETH (worth $1.92 billion at current prices) were queuing to exit the network.

This is the largest exit queue size since January 2024, resulting in withdrawal delays extending to more than 9 days.

Andy Cronk, co-founder of staking service provider Figment, said: "When prices rise, people will unstake and sell to lock in profits. We have observed that retail investors and institutions have followed this pattern in multiple cycles."

He added that large-scale unstaking may also trigger large-scale unstaking when large institutions change custodians or wallet technology.

Despite the wave of unstaking, the market may not be under huge selling pressure-because the demand for staking activated by new validators is equally strong.

There are currently 357,000 ETH (worth $1.3 billion) waiting to enter the network, and the admission queue has been queued for more than 6 days, the longest record since April 2024.

Some of the new demand may come from the ETH Treasury Fund. The US SEC's statement that staking is not illegal has further boosted institutional interest. Data shows that the number of active validators has increased by 54,000 since late May, reaching a record high of nearly 1.1 million.