Ether (
$ETH ) tests $2,000, so why aren’t stakers rushing for the exit?
Ethereum’s validator queues are responding better than the price. This Wednesday, 11/11, around 12:50 UTC, ValidatorQueue (pectrified.com data) shows 903,754 ETH waiting to enter staking, versus 58,083 ETH waiting to exit. About 15 times more ETH wants to be locked up than released. The wait to enter exceeds 16 days, while the wait to exit has fallen to 2 days.
The contrast with October is stark. On 11/10, according to BeInCrypto, nearly 457,840 ETH were waiting to leave staking. The queue has shrunk by about 87% since then, while the price has slid from $2,450 (the 11/4 peak on Binance) to $2,006 on Tuesday after the hotter-than-expected CPI, a drop of 18%. A total of 44.5 million ETH are staked, representing 36.44% of the supply, at a yield of around 2.43%.
My take: the selling is coming from elsewhere. U.S. spot ETH ETFs lost $184.5 million on 11/9 (SoSoValue), then just $1.3 million on 11/10. Long-term holders, meanwhile, aren’t preparing for a mass exit. But there are two caveats. The entry queue has fallen since February, when it exceeded 4 million ETH, so new demand is slowing. And Santiment notes more than 630 stETH whale transactions per day in early November: many are borrowing against their staked ETH, which could accelerate a cascade of liquidations if $2,000 gives way.
Two scenarios to watch: holding $2,000 while the exit queue stays below 100,000 ETH would lend credibility to a rebound toward $2,200. A daily close below $1,970, along with a swelling exit queue, would signal that stakers are finally starting to let go.
What do you look at first to assess ETH here: the exit queue, ETF flows, or the price vs.
$BTC ?
#Ethereum #Staking