Data: Approximately 519,000 ETH are waiting to exit the Ethereum PoS network, with the exit queue reaching the longest wait time in nearly a year and a half.

On July 23, the Ethereum validators' exit queue set a record for the longest waiting time in over a year, which may indicate that stakers are eager to withdraw their funds after a significant rise in ETH prices. Data from the validator queue tracking website shows that as of Tuesday afternoon in the U.S., approximately 519,000 ETH (valued at $1.92 billion at current prices) are queued to exit the network. This is the largest exit queue size since January 2024, resulting in a withdrawal latency extended to over 9 days. Andy Cronk, co-founder of staking service provider Figment, stated, "When prices rise, people unstake and sell to lock in profits. We have observed that both retail investors and institutions follow this pattern through multiple cycles." He added that large institutions changing custodians or wallet technology could also trigger mass unstaking. Despite the wave of unstaking, the market may not necessarily bear immense dumping pressure—because the demand for staking from newly activated validators remains strong. Currently, 357,000 ETH (valued at $1.3 billion) are waiting to enter the network, with the admission queue extending to over 6 days, marking the longest record since April 2024. Some of the new demand may come from the ETH treasury fund. The SEC's declaration that staking is not illegal has also further boosted institutional interest. Data shows that since late May, the number of active validators has increased by 54,000, reaching a historical high of nearly 1.1 million.