Ethereum PoS Network Exit Queue Surges to 644,300 ETH, Marking the Longest Wait Time in Nearly a Year and a Half

On July 24th, based on the data from the Validator Queue tracking website validatorqueue, there are currently approximately 644,300 ETH (valued at $23.4 billion at the current prices) in the withdrawal queue. This is the largest withdrawal queue since January 2024, and the withdrawal delays have been extended to 11 days and 4 hours. Despite the trend of unstaking, the market may not necessarily be under significant selling pressure. This is because the demand for staking from newly activated validators remains strong. Currently, there are 332,000 ETH (worth $1.2 billion) waiting to enter the network, and the admission queue has been extended to over 5 days and 18 hours, setting a new record since April 2024. The claim by the U.S. SEC that staking is not an illegal activity has further enhanced institutional interest in Ethereum. Data shows that since late May, the number of active validators has increased by 54,000, reaching a new all-time high of nearly 1.1 million. Andy Cronk, the co-founder of the staking service provider Figment, previously stated: "People unstake and sell when prices rise in order to lock in profits. It has been observed that both retail and institutional investors follow this pattern across multiple cycles."