The "exit queue" on Ether is increasing: it has reached 890k ETH.

Geopolitical uncertainties, market instability, and the profit-taking desire brought by the sharp rise in Ether seem to have increased the number of those wanting to unstake ETH tokens in recent days. The "exit queue" on the network has also exceeded 890,000 ETH. The total value of these Ether is also over approximately $3.7 billion.

Why are they giving up on staking?

As is known, "staking" refers to a process where investors lock their tokens in the system, earning rewards, which is akin to earning interest, while also contributing to the security of the network. Individuals or institutions that stake may wish to withdraw their tokens if the market does not move in the direction they desire.

The need for liquidity, meeting margin calls in other crypto positions, or simply the instinct to avoid risk can lead to a request for tokens to be removed from the system.

What are the functions of queue and limit?

Right now, there is a similar process on the Ethereum network as well. However, the overall structure of the network imposes a limit on the number of ETH tokens that a user can withdraw at any time. This limit, which is one of the critical features for ensuring the strong continuity of the network, prevents damage to the mechanism of the blockchain. Currently, the withdrawal time for ETH tokens entering the queue is indicated as 15 days. This limit helps to prevent excessive outflows. While gradual exits help keep the number of validators at a certain level, it also keeps the financial power required by anyone wanting to attack the network always high.

There are also entries

There are not only withdrawal requests in the system. There are also those who want to include their tokens in the system and earn rewards. Currently, while 890,000 ETH is waiting for withdrawal, 292,000 ETH is also waiting in line to enter the system. The entry time seems to be much less than the withdrawal time, at 5 days, based on the current figures (.

stETH rate can change

One of the most important issues here is related to users who are associated with the Lido Finance protocol and receive stETH rewards… As is known, Lido Finance is the largest protocol providing "liquid staking" services. When investors stake their ETH through Lido, Lido gives the user stETH in return for the staked ETH. The user can also utilize their stETH token in another DeFi protocol.

However, the value of this stETH token, which should be 1:1 with ETH, also changes from time to time. If demand decreases, stETH may trade at a much lower price. This situation can lead to losses in leveraged DeFi transactions and may result in the sale of ETH, which is obtained in exchange for stETH, to cover the losses.

Last week, Ether, which rose to 4800 dollars, experienced a pullback to 4270 dollars this morning.

Published: August 18, 2025 11:44Last Updated: August 18, 2025 11:53