Ethereum exit queue hits record $5B ETH, raising sell pressure concerns
A significant portion of the almost $5 billion ETH awaiting withdrawal may be sold to lock in profits, considering Ether’s 72% climb over the past three months
Ethereum is seeing the largest validator exodus in crypto history, with over 1 million Ether tokens currently waiting to be withdrawn from staking through Ethereum’s proof-of-stake (PoS) network.
Ethereum’s exit queue surpassed 1 million Ether (ETH) worth $4.96 billion on Thursday. This marks the amount of Ether set for withdrawal by the network’s validators, who are responsible for adding new blocks and verifying transactions in proposed blocks, playing a vital role in the functioning of the blockchain network.
The mass exodus has extended the validator exit waiting time to a record 18 days and 16 hours, according to blockchain data from validatorque.
