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519,000 ETHs are queued to exit the pledge! Setting the highest record in the past year and a half, is the selling wave coming?
519,000 ETHs are queued to exit the pledge! Setting the highest record in the past year and a half, is the selling wave coming?
Jul 23, 2025 pm 08:57 PM
According to the latest data from Nansen, the number of ETH waiting to exit in the withdrawal queue of the Ethereum beacon chain has soared to an astonishing 519,000, with a total value of about $1.9 billion. This figure not only set a record high since mid-June 2023, but also sparked widespread concerns about the potential sell-off.
Mainstream Bitcoin Exchanges in 2025:
Ouyi okx :
Binance binance:
Huobi htx:
Data Interpretation: Why is the exit queue soaring?
Ethereum’s pledge withdrawal is not completed instantly, but is processed through a queue mechanism to maintain network stability. The current backlog of withdrawal applications has increased sharply, and there may be multiple reasons behind it:
1. Early pledges take profits
Ethereum has experienced a significant increase in its price since it completed its Shanghai upgrade. Many early investors who participated in pledge at low prices may now choose to exit to lock in profits. Considering that the average cost of pledging ETH is much lower than the current market price, the motivation for this profit settlement is very strong.
2. Turn to liquidity re-staking (Restaking)
Another key factor is the rise of re-pled tracks, especially projects represented by EigenLayer. Many stakers choose to withdraw ETH from the beacon chain and instead invest in liquidity re-staking agreements. Doing so will not only continue to obtain pledge income, but also earn additional agreement points or airdrop expectations, thereby achieving "eat more with one fish" and maximizing financial efficiency. Therefore, this part of ETH does not really leave the market, but moves to other high-yield areas within the ecosystem.
3. Market uncertainty
Changes in the macroeconomic environment and recent fluctuations in the crypto market may also prompt some investors with lower risk appetite to temporarily withdraw from pledges and convert assets into more liquid forms to cope with potential market downside risks.
Market impact analysis: Will the selling wave really come?
Although up to 519,000 ETHs are waiting to be unlocked, this is not the same as an upcoming "selling tsunami". The actual market impact needs to be evaluated from several aspects.
First, the buffering effect of the withdrawal queue. Ethereum's exit mechanism itself limits the speed at which ETH enters the market. Depending on the number of current network validators, the exit requests that can be processed per day are limited. This means that this batch of ETH will be released to the market in batches and gradually, rather than a one-time impact, which provides a valuable window of time for the market to digest selling pressure.
Secondly, the trend of reinvestment of funds. As mentioned earlier, the large withdrawal of ETH is expected to flow directly into the re-staking agreement or other DeFi applications rather than being exchanged for fiat currencies. As long as these funds remain within the Ethereum ecosystem, the direct impact on the spot price of ETH will be greatly weakened.
Finally, there is inevitable selling pressure. Although most of the funds may be reinvested, we cannot ignore that there are indeed some investors who choose to sell them. This part of the selling pressure is real, and it will increase the market's liquid supply. If market sentiment itself tends to be pessimistic or lacks strong buying and taking over, this part of the new supply may still put short-term downward pressure on ETH prices.
Focus on follow-up observation
For investors, there are several key indicators that need to be closely watched. First, the change trend of withdrawal queue length, depending on whether it continues to grow or begins to shrink. The second is the inflow and outflow data of ETH from major exchanges, which can intuitively reflect whether the unlocked ETH is flowing to the trading platform for sale, or whether it is turned to other account addresses for reinvestment. Finally, by combining macro market sentiment and ETH's own price trend, we can more comprehensively judge the final impact of this "largest exit wave in history".
The above is the detailed content of 519,000 ETHs are queued to exit the pledge! Setting the highest record in the past year and a half, is the selling wave coming?. For more information, please follow other related articles on the PHP Chinese website!
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