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The queued amount of ETH exiting the Ethereum PoS network has dropped to 80,000 ETH, with over 1,000,000 ETH waiting to enter staking.
BlockBeats News, January 4th. According to on-chain analyst Yu Jin, in mid-September, when the price of ETH surged to around the year's high of $4,700, a record 2.66 million ETH chose to exit staking. After three and a half months of digestion, the ETH waiting to exit staking has now been mostly digested, leaving only 80,000 ETH remaining. The sell-off of these around 2.6 million ETH exiting from staking caused a 34% price drop: from $4,700 in mid-September to the current $3,100.
The current situation is quite the opposite, with the amount of ETH waiting to stake far exceeding the exiting amount. This is mainly due to the Ethereum treasury company Bitmine (BMNR) staking a large amount of ETH recently (depositing 593,152 ETH in the last 8 days), with over 1 million ETH currently in the staking queue.
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