Ethereum unstaking queue nears $5 billion…selling concerns grow

JOON HYOUNG LEE

Summary

The Ethereum network's unstaking queued volume is nearing 5 billion dollars, raising concerns about large-scale selling.
It reported that Ethereum's price has risen 72%% over the past 3 months and may be converted into profit-taking sales.
Meanwhile, it reported opinions that institutional investor demand is steadily increasing, making a sharp price drop unlikely.

The Ethereum (ETH) network's unstaking queued volume is approaching 5 billion dollars (about 6.9 trillion won), raising concerns about large-scale selling.

On the 28th (local time), according to on-chain analytics firm validatorqueue, as of that date the Ethereum unstaking queued volume exceeded 1 million. It is currently valued at 4.96 billion dollars. Cointelegraph reported, "(The queued volume is) the amount of withdrawals validators have requested," and said, "the withdrawal waiting time has also been extended to a record high of 18 days 16 hours."

Concerns about selling are growing. Analysts say a significant number of validators who requested unstaking could realize profits. Cointelegraph said, "Ethereum's price has risen 72% in the past 3 months," and "a substantial portion of the $5 billion queued volume could be converted into profit-taking sales."

However, some say the likelihood of a sharp price drop is low given the steady increase in institutional investor demand for Ethereum. Marcin Kazmierczak (Marcin Kazmierczak), co-founder of Redstone, told Cointelegraph, "(The queued volume is) nothing compared to institutional capital flowing into Ethereum," and said, "unprecedented institutional demand will easily absorb the unstaking volume."

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