Aug 18, 11:01 AM

Ethereum Unstaking Queue Hits Record 910,000 ETH Worth $3.9 Billion Led by Lido, EtherFi, Coinbase

The Ethereum network is experiencing a record high in its unstaking queue, with approximately 910,461 ETH valued at around $3.9 billion currently waiting to be withdrawn. This marks a significant increase from zero on July 15, when the exit queue was nonexistent. The bottleneck in withdrawals is attributed to the nature of staked Ethereum, which unlike Bitcoin miners who can sell instantly, faces a built-in withdrawal delay. The queue has grown rapidly over the past month, creating substantial sell pressure on the network. Leading platforms contributing to this queue include Lido Finance, EtherFi, and Coinbase. Additionally, about 268,217 ETH are queued to join the staking network. Analysts note that while the net outflow of ETH staking is around 600,000 ETH, the current withdrawal queue represents a multi-year high and is a key indicator of market dynamics in Ethereum staking activity.

#Ethereum #Bitcoin #Lido Finance #EtherFi #Coinbase

Written with ChatGPT (GPT-4).