Recently, the Ethereum network has attracted widespread attention again. Data shows that on July 23, the waiting time for Ethereum validators to exit the queue reached the longest duration in over a year. This phenomenon may reflect a trend where some stakers are eager to withdraw their funds after a significant rise in ETH prices.

According to statistics from the validatorqueue website, as of Tuesday afternoon (U.S. time), approximately 519,000 ETH (currently valued at about $1.92 billion) are waiting to exit the network. This figure marks a new high since January 2024, resulting in withdrawal delays of over 9 days.

Industry experts analyze that this phenomenon is closely related to market cycles. When cryptocurrency prices rise, investors tend to unstake and sell to realize profits. This behavior pattern is common among both retail and institutional investors. Additionally, some large institutions may trigger large-scale unstaking operations when changing custody services or wallet technologies.

However, it is worth noting that despite the wave of unstaking, there has not been a large-scale selling pressure in the market. This is mainly because the staking demand from new validators is also strong. Currently, 357,000 ETH (approximately $1.3 billion) is waiting to enter the network, with the admission queue extended to over 6 days, setting a record for the longest duration since April 2024.

The growth in demand for staking may be partly attributed to the involvement of the ETH treasury fund. Additionally, the U.S. Securities and Exchange Commission (SEC) recently stated that staking activities are not illegal, which further stimulated the interest of institutional investors. Data shows that the number of active validators has been continuously increasing since late May.

Overall, the Ethereum ecosystem is experiencing a dual boom of staking and unstaking, reflecting the different expectations and strategic adjustments of market participants regarding the future development of Ethereum. This dynamic balance not only showcases the vitality of the Ethereum network but also provides important insights for us to observe the development trends of the cryptocurrency market.