The backlog of validators seeking to leave Ethereum’s proof-of-stake network has surged to the highest level on record, according to Beaconchain. Roughly 700,000 to 745,000 ether—valued at about $3.2 billion to $3.3 billion—are now in the exit queue, up sharply from earlier this month. Because Ethereum caps withdrawals at 256 validators per epoch, the spike has pushed the estimated wait for unstaking to about 12 days, the longest since withdrawals were enabled. Dashboard data show the queue continuing to grow as more operators request exits than the network can currently process. About 35.3 million ETH, or 29 % of the token’s circulating supply, remains locked in staking contracts. While exited ether can be restaked or redeployed in decentralised finance, the wave of departures is being watched closely for its potential to inject additional volatility into spot markets.