Ethereum validator exits queues with more than 1 million ETH, hitting record high

According to Cointelegraph, Ethereum is experiencing the largest tide of validator exits in crypto history, with more than 1 million ETH waiting to be extracted from the PoS network. On Thursday, Ethereum exited the queue for more than 1 million ETH, worth $4.96 billion. This marks the amount of Ether coins that network validators plan to withdraw, who are responsible for adding new blocks and verifying transactions. This massive exit extends the validator exit waiting time to a record 18 days and 16 hours. While this does not mean that all validators intend to sell their ETH, considering that Ethereum has risen 72% in the past three months, some funds may be sold to lock in profits. Marcin Kazmierczak, co-founder of RedStone blockchain oracle, said that the exit queue reaches 1 million ETH reflects healthy market dynamics, not a cause to worry about. The “unprecedented demand” of public institutions means that the sales of validators are “easy to be absorbed by such institutional demand.” Ether remains the “liquidity magnet” for the crypto market, with open interest in Ether futures close to $33 billion, showing strong institutional interest. Analyst Iliya Kalchev said Standard Chartered reiterated ETH and ETH-Treasury companies are undervalued even at current levels, with an expected end-of-year target of $7,500.