521K ETH Worth $1.95B in Exit Queue as Validator Exodus Hits Ethereum
Ethereum (ETH) has seen a big shift in validator behavior after a 160% price move from the April low of $1,385 to over $3,700.
Quick overview
- Ethereum has experienced a significant shift in validator behavior, with a notable increase in exits following a price surge from $1,385 to over $3,700.
- Currently, 521,252 ETH is queued for exit, resulting in a wait time of over 9 days, indicating declining confidence among long-term holders.
- In contrast, the entry queue for staking has also grown, with 359,557 ETH waiting to be staked, suggesting ongoing interest in securing the network.
- Despite the validator exodus, market sentiment remains bullish, with strong fundamentals and high demand in ETH derivatives.
Ethereum (ETH) has seen a big shift in validator behavior after a 160% price move from the April low of $1,385 to over $3,700. While sentiment was bullish in recent months, recent blockchain data shows a growing trend of validator exits – an indicator of changing confidence among long-term holders.
As of this week, 521,252 ETH ($1.95 billion) is waiting to exit the Ethereum network. That’s up from 1,920 ETH last week. This has pushed the exit queue wait time to over 9 days, up from 0.03 days. This is a big change in validator behavior after the recent price move.
The exit queue typically functions as a congestion signal. When it’s this long, it means validators are not willing to stake ETH despite the recent bullish trend.
Entry Queue Grows Despite Exit Spike
In contrast to the exit numbers, the entry queue is also growing – albeit slower. As of now, 359,557 ETH ($1.33 billion) is queued for staking, with a 6 day wait. This means there’s still a solid group of participants willing to secure the network, likely attracted by staking rewards and future price expectations.
Both queues are growing, but the total number of active validators has actually decreased, down from 1,096,339 last Thursday to 1,093,671 today. A small dip, but it shows the pause in network growth and possibly staking activity.
Key Stats at a Glance:
- Exit Queue: 521,252 ETH ($1.95B)
- Entry Queue: 359,557 ETH ($1.33B)
- Current Validators: 1,093,671
- Total ETH Staked: 35.67 million ETH
Market Sentiment Remains Bullish
Despite the validator exodus, many are still bullish on Ethereum. Bitwise CIO Matt Hougan recently said ETH is “going higher” due to strong fundamentals and ongoing inflows.
Coinglass data shows Ethereum’s Open Interest (OI) at $55.89 billion, close to the all-time high of $57.69 billion. This means there’s a lot of demand in ETH derivatives and speculative interest.So, validator exits are a concern, but growth in entry queues.
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