Ethereum staking dynamics shifted after three months of net withdrawals, with validator entry queues now exceeding exit queues for the first time since September. The reversal suggests diminishing selling pressure that contributed to ETH's decline from $4,800 in early September to approximately $3,000.
What Happened: Entry Queue Surpasses
Approximately 745,600 ETH currently wait in the entry queue, while around 360,500 ETH remain in the exit queue.
The entry queue has exceeded the exit queue since Sept. 10, officially reversing the prior imbalance. Analyst CryptoHuntz described the recent period as a "Great Migration" of ETH that significantly contributed to the token's steady decline.
"The Great Migration is over… finally, the selling pressure from the last three months is drying up. Demand to enter ETH staking is back in the driver's seat," CryptoHuntz said.
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Why It Matters: Historical Price Pattern
Abdul, Head of DeFi at Monad, projected the validator exit queue could reach zero by Jan. 3.
He estimated around 5% of ETH's supply, worth roughly $15 billion, has changed hands since July. Abdul noted the last time the entry queue exceeded the exit queue was in June, when ETH's price doubled shortly afterward.
Tom Lee, chairman of BitMine, which holds the world's largest ETH treasury valued at around $12 billion, recently chose to participate in staking.
BitMine deposited approximately 74,880 ETH, worth about $219 million, into Ethereum's staking contract, representing a small portion of its total 4.07 million ETH holdings.
CryptoQuant data indicate the total amount of ETH deposited into protocols and contracts has remained relatively stable at around 36 million since ETH peaked near $4,900. Several on-chain indicators suggest selling pressure from U.S.-based investors remains present.
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