Over 650,000 ETH, valued at approximately $2.4 billion, is currently queued for unstaking, signalling a potential wave of sell pressure as validators rush to exit following a 162% price rally since April. Data from validatorqueue.com shows this is the largest exit queue since January 2024, with wait times stretching to around 11 days due to Ethereum’s proof-of-stake model, which limits how quickly validators can join or leave the network.
The surge in withdrawal requests began last week, sparked by Ether’s climb to a 2025 high of $3,844. An analyst suggests this mass exodus is driven by profit-taking from validators who staked ETH at lower prices and are now capitalizing on the rally.
“When prices go up, people unstake and sell to lock in profits,” said Andy Cronk, co-founder of staking provider Figment.
Some institutional players may also be repositioned, with firms like SharpLink Gaming and BitMine Immersion launching ETH treasury programs, potentially prompting unstaking for in-kind contributions.
Despite the looming sell-off, the Ethereum network shows resilience. Over 390,000 ETH ($1.2 billion) is queued to enter staking, reflecting strong institutional interest bolstered by the SEC’s May 2025 clarification that staking isn’t a securities offering. The number of active validators has hit a record 1.1 million, with 29.4% of ETH’s supply, roughly 36.39 million ETH locked in staking. However, with ETH already down 7% from its recent peak to $3,550, traders are bracing for volatility.
