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The ETH queued to exit the Ethereum PoS network has dropped to 80,000, while the amount of ETH waiting to be staked exceeds 1,000,000.
On January 4th, according to on-chain analyst Yu Jin’s monitoring, in mid-September, the ETH price surged to this year’s high of around $4,700, with up to 2.66 million ETH choosing to exit staking. After three and a half months of digestion, the ETH waiting to exit staking has now been mostly processed, with only about 80,000 remaining. The digestion of approximately 2.6 million ETH exited from staking caused the ETH price to drop by 34%: from $4,700 in mid-September to the current $3,100. Currently, the situation is completely opposite, with the number of ETH waiting to enter staking far exceeding those exiting: because Ethereum treasury company Bitmine(BMNR) has recently staked a large amount of ETH, depositing 593,152 ETH in the past 8 days alone, and the number of ETH waiting to enter staking now exceeds 1 million.