Around 548,132 ETH, valued at over $2.02 billion, is currently queued to exit the Ethereum network, marking the largest validator exit queue since January 2024. 

The surge in validator exits has also extended withdrawal delays to over nine days, the longest wait time in more than a year.  

This story is an excerpt from the Unchained Daily newsletter.

The exit volume is likely driven by ETH’s recent price action, gaining 160% since April and 67% in the last month alone. Stakers who entered the network at lower prices could now be looking to cash out and lock in gains.

Still, the demand for staking ETH remains almost equally strong, reflected by the entry queue swelling to over 355,000 ETH worth $1.3 billion.