The latest data shows that the Ethereum network is experiencing a wave of large-scale staking withdrawals. According to statistics from the validatorqueue website, approximately 519,000 ETH (worth about $1.92 billion) are currently waiting to exit the Ethereum Proof of Stake (PoS) network, setting the longest waiting time in nearly a year and a half. This phenomenon may be attributed to the significant rise in ETH prices, prompting some stakers to rush to lock in profits.

The extended queue for withdrawals has led to delays of over 9 days, a situation not seen since January 2024. Andy Cronk, co-founder of the staking service provider Figment, pointed out that price increases typically encourage people to unstake and cash out, a pattern common among both retail and institutional investors. He also added that large institutions changing custodians or wallet technologies could also trigger mass unstaking.

However, despite the wave of exits, the market has not shown significant selling pressure. The reason is that the staking demand from new validators is equally strong. Data shows that there are currently 357,000 ETH (approximately $1.3 billion) waiting to enter the network, with the admission queue exceeding 6 days, setting the longest record since April 2024.

This wave of new demand may partly come from the ETH treasury fund. In addition, the recent clarification from the U.S. Securities and Exchange Commission (SEC) that staking activities are not illegal has further boosted the confidence of institutional investors. It is worth noting that since late May, the number of active validators on the Ethereum network has increased by 54,000, surpassing the 1 million mark and setting a historical record.

This phenomenon reflects the dynamic balance of the Ethereum ecosystem: on one hand, investors choose to exit to realize profits, while on the other hand, new participants continue to flood in. This bidirectional flow not only demonstrates the activity of the market but also highlights investors' confidence in the long-term development of Ethereum. As the Ethereum network continues to evolve, the flexibility of the staking mechanism may continue to attract more participants, driving the healthy development of the entire ecosystem.