Analysts: The billions of dollars worth of Ethereum waiting to be unstaked may be one of the reasons for the recent pullback in ETH prices

ChainCatcher news, a cryptocurrency expert pointed out that an increasing number of Ethereum holders are queuing up to withdraw their tokens from staking, a trend that could pose significant selling pressure on ETH prices. According to data from validatorqueue.com, the Ethereum blockchain's validator exit queue reached a record 855,158 ETH on Friday. Data from CoinGecko shows that as of Friday evening, the total value of these tokens was approximately $3.7 billion.

Bitwise senior investment strategist Juan Leon stated that the backlog of ETH set to be unstaked may be one of the reasons for the recent pullback of the asset. The second-largest cryptocurrency by market capitalization has dropped several hundred dollars in the past few days, just a step away from refreshing its all-time high. He explained that the queue of ETH waiting to be unstaked could have a negative impact on ETH prices, especially when the trading price of staked ETH is at a discount relative to ETH itself.