There is a noticeable increase in withdrawal and login queues on the Ethereum Proof-of-Stake (PoS) network.
According to Validatorqueue data, the amount of ETH waiting to be withdrawn from the network this week reached 2.4 million, marking the largest validator outflow on record.
This figure corresponds to more than approximately $10 billion, and the exit queue duration is calculated as 41 days and 21 hours.
Meanwhile, the amount of ETH waiting to enter the network is at 501,000. This amount has a market value of approximately $2.25 billion, and the waiting time in the access queue is reported as 8 days and 17 hours.
The surge in pending withdrawals has also raised concerns about possible selling pressure for Ethereum holders.
However, this increase in the exit queue doesn’t mean all validators are aiming for profit. Experts note that the $10 billion withdrawal doesn’t threaten the stability of the Ethereum network, which still has over a million active validators staking 35.6 million ETH, or 29.4% of the total supply.
According to Marcin Kazmierczak, co-founder of blockchain oracle firm RedStone, while the $10 billion withdrawal queue is significant, a large portion of the withdrawn ETH was not sold but redistributed within DeFi.
Speaking to Cointelegraph, Nexo analyst Iliya Kalchev said that despite the increasing validator outflows on Ethereum, ETH’s momentum continues to be driven by institutional inflows via spot ETFs and corporate treasuries.
*This is not investment advice.
