Ethereum Unstaking Requests Surge, Marking an 18-Month High

JOON HYOUNG LEE

Summary

It was reported that Ethereum (ETH) ValidatorQueue's unstaking requests have reached their highest level in the past 18 months.
The waiting time for unstaking has increased to about 11 days, and it was revealed that some holders are preparing to sell their Ethereum.
Everstake mentioned that this trend could increase short-term selling pressure and potentially lead to a price correction.

The volume of Ethereum (ETH) ValidatorQueue unstaking requests has recently hit its highest level in 18 months.

Cointelegraph reported on the 23rd (local time), citing ValidatorQueue data, stating, “As of this date, 644,330 Ethereum are awaiting network withdrawal.” Cointelegraph added, “This amounts to approximately $2.34 billion, a recent 18-month high,” and noted, “In January last year, the Ethereum unstaking queue also surged, and in the second half of the year, the price dropped by 15%.”

The waiting time for unstaking has increased to about 11 days. Global staking provider Everstake commented, “It's natural to assume that some holders are preparing to sell (Ethereum),” and explained, “This could increase short-term sell pressure on (Ethereum) and potentially lead to a price correction.”

Meanwhile, as of 3:41 PM that day, Ethereum is trading at $3,549.88 on CoinMarketCap, down 3.93% from the previous day.

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