Ethereum's unstaking queue reaches new heights: over $12 billion ETH waiting to be withdrawn, with a wait time of up to 44 days.

Recently, the demand for Ethereum unstaking ( has surged again, with over 2.6 million ETH ) worth approximately 12 billion USD ( waiting to exit the validators, leading to a queue time extended to 44 days, setting historical records in both scale and duration. The underlying reasons include the impact of previous security incidents and the reallocation of assets by investors and institutions.

Ethereum validators retreat: queue time skyrockets to 44 days

In mid-August, Ethereum exited the stake queue ) and once broke through 671,000 ETH (, approximately 3.2 billion USD ), with the waiting time extended to 12 days, and now it has reached a new high.

As of today, a total of 2.539 million ETH, which is 12 billion USD, is waiting in line to be unstaked, with waiting times reaching an unprecedented 44 days.

( Ether unlocking queuing hits new high! Over 3.8 billion USD waiting to be withdrawn, understand the reasons behind it all in one go )

As part of the Ethereum PoS design, the Churn Limit mechanism stipulates that during each epoch (, which lasts about 6.4 minutes, only 8-10 validators and approximately 1,792 ETH can enter or exit, to prevent on-chain congestion or price volatility during large-scale unstaking.

Why is there a large-scale exit?

Kiln prevents safety incidents and actively withdraws validators.

It is not difficult to predict that the main reason for this wave of exits comes from the infrastructure provider Kiln. On September 9, Kiln decided to proactively withdraw about 1.6 million ETH and strengthen its infrastructure to prevent potential losses in response to the Solana API vulnerability and the SwissBorg intrusion incident, even though it itself was not affected.

)Kiln has reported a security incident! 1.6 million ETH have exited the validators, with a surge of 700,000 in the exit queue (

Investors take profits and institutions reallocate assets

In addition, capital operations are also one of the reasons. Figment analyst Benjamin Thalman pointed out that since the low point in April, the price of ETH has increased by more than 200%, and some investors have chosen to cash out during the current high consolidation.

At the same time, institutional investors are also adjusting their portfolios, shifting funds from stake to other strategic assets, further expanding the exit demand.

Will the surge in stake解 be a selling pressure? The demand for ETFs and institutional inflows is emerging.

The most concerning issue in the market is: will the exiting ETH cause a large-scale sell-off? So far, the profit-taking by some investors is indeed bringing short-term selling pressure. However, the market still has strong demand as a buffer.

First, there is the buying demand from Ethereum reserve enterprises and ETFs, with the total holding amount of both skyrocketing 116% from July to now, reaching 11.756 million ETH ), which is approximately 54.25 billion USD (.

At the same time, the market is waiting for the approval and launch of ETH staking ETFs, and some investors hope to return to the market through new products.

) From cryptocurrency to new yield products: BlackRock applies for Ethereum spot ETF staking feature (

In other words, although it currently appears that a large retreat of Ethereum validators is taking place on the surface, there is actually an underlying momentum for the further maturation of the Ethereum market structure.

This article discusses the Ethereum unstaking queue reaching new heights: over 12 billion dollars in ETH awaiting withdrawal, with a waiting time of up to 44 days. First appeared on Chain News ABMedia.