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

BlockBeats News, July 24th, according to the Validator Queue tracking website validatorqueue data, there are currently about 644,300 ETH (valued at $23.4 billion at current prices) in the withdrawal queue, the largest withdrawal queue since January 2024, with withdrawal delays extended to 11 days and 4 hours.

Despite the wave of unstaking, the market may not necessarily bear significant selling pressure, as 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, with the admission queue extended to over 5 days and 18 hours, setting a new record since April 2024. The U.S. SEC's claim that staking is not illegal activity has further boosted 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, co-founder of staking service provider Figment, previously stated: "People unstake and sell when prices rise to lock in profits, observing that both retail and institutional investors follow this pattern over multiple cycles."