David Awoyode
Ethereum’s staking ecosystem has hit new milestones, with 877,106 ETH (worth $3.88 billion) currently queued for withdrawal. As of Friday, the wait time to unstake Ether has reached 15 days, according to ValidatorQueue.
Staking Participation Remains Strong
Over 1.08 million active validators are securing the network, with 29.5% of the total ETH supply—around 35.3 million ETH—currently staked.
Top Platforms Drive the Surge
DeFi analyst Ignas points to the top three liquid staking providers as the main drivers of the unstaking spike. Lido leads with 285,000 ETH in withdrawals, followed by EthFi with 134,000 ETH and Coinbase with 113,000 ETH.
Profit-Taking or Strategic Moves?
While the high unstaking figures may suggest large-scale profit-taking, Ignas notes that institutional accumulation and ETF-related buying are offsetting much of the selling pressure.
Institutional Holdings Jump 140%
Data from strategicethreserve.xyz shows that combined strategic reserves and ETF holdings have surged from 4.14 million ETH on May 1 to 10 million ETH, marking a 140% increase in just over three months.
ETF Anticipation Reshapes the Market
The analyst suggests that some investors may be freeing liquidity now to re-enter through upcoming ETH staking ETFs, rather than leaving the market entirely.
SEC Decision Could Come Early
While the U.S. SEC’s final deadline for ETH staking ETF approval is April 2026, Bloomberg’s Eric Balchunas believes approval could come as early as October 2025.
Price Risks and Support Levels
ETH’s price correction to around $4,500 comes after U.S. inflation data spooked markets. If the price dips toward the $4,200 support, nearly $1.2 billion in leveraged long positions could be at risk.
Possible Bullish Scenarios
If institutional buying continues, ETH could maintain strength and attempt a run toward $5,000 in the coming months.
Downside Threats Loom
However, if inflows slow, the large backlog of unstaked ETH could pressure prices in the short term.
Charles Esther