Ethereum unstaking queue nears $5 billion…selling concerns grow
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."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul