More than 350,000 $ETH ($1.3 billion) are in the queue for unstaking, raising concerns about potential selling after Ethereum's strong rally in 2025.
Institutional accumulation continues, with over 681,000 ETH purchased since July, indicating ongoing long-term confidence in Ethereum.
The demand for staking remains high, with queues surpassing unstaking levels and 29.5% of ETH supply currently locked in staking protocols.
As capital continues to flow strongly into Ethereum in 2025—pushing its price above $3,600—the amount of ETH pending for unstaking has also unexpectedly risen.
What could this mean for Ethereum's price trend? Here are some insights from experts.
More than 350,000 ETH are waiting for unstaking.. what is the impact?
Oudi Weirtimer, a prominent investor in the crypto community, raised concerns after discovering that more than 350,000 ETH—valued at nearly $1.3 billion—are currently waiting in the unstaking queue.
Ethereum Validator List.
Oudi Weirtimer said, "There are 350,000 $ETH in the queue for unstaking. About $1.3 billion. The last time there was this amount of ETH unstaking was in January 2024, after a 25% rise in ETH/BTC in one week. [Price] just dropped from there."
Unstaking allows users to withdraw their ETH from staking smart contracts, turning it back into freely usable assets.
A large wave of unstaking could signal potential selling pressure. This is especially true if investors look to take profits after ETH has risen 160% since its lows in April.
Earlier in 2024, more than 500,000 ETH were unstaked before ETH rose from $2,100 to over $4,000, then fell back to $2,100.
Where might this unstaked Ethereum go?
Victor Bonin, an OG protocol specialist at Coinbase, suggested that this ETH might be transferred to internal treasury funds. These funds could serve financial strategies such as long-term investing or portfolio diversification.
If this is the case, it is not a sign of panic selling—it is likely a form of asset management. This could actually help stabilize the market in the long term.
Meanwhile, a report from Lookonchain shows that on-chain data indicates that around 23 whales or institutions have accumulated 681,103 ETH (worth $2.57 billion) since July 1.
The accumulation process has not stopped. In the fourth week of July, more institutions continued to add billions of dollars in ETH.
Crypto investor Ryan Sean Adams said, "The new ETH treasury—The Ether Machine—announced $1.5 billion in ETH this morning. This will be the largest so far. But last week, Tom Lee from Fundstrat Capital said he would buy $20 billion in ETH, and Joseph Lubin said he would contribute at least another $5 billion. I have no idea who will end up being the largest. But I know this—there isn't enough ETH for everyone."
What about the Ethereum being stacked?
Oudi Weirtimer's concern may seem alarming, especially when compared to historical patterns. However, it lacks a key perspective: the amount $ETH currently waiting to be staked.
Ethereum Validator Waiting List.
Data from ValidatorQueue shows that ETH pending for staking already exceeds the amount waiting for unstaking. Since June, this list has grown, with more than 450,000 ETH waiting to be staked on some days.
This reflects continued investor interest in participating in the Ethereum network through staking.
Weirtimer added, "There is also a healthy amount of ETH waiting to be staked at this time."
Data from beaconcha.in shows that over 35.7 million ETH are currently staked across various protocols. This represents 29.5% of the circulating supply.
Ultimately, the balance between ETH inflows and outflows from staking protocols is a critical factor. It helps determine whether the market is facing genuine selling pressure or simply witnessing a strategic reallocation by institutions and individual investors.
