Tracking the data from the validator queue website, the current Ethereum network reports 893,599 ETH in the withdrawal queue (close to 4 billion USD). Some whales, due to the long waiting time, are willing to take a loss of 50,000 USD just to expedite transferring ETH to exchanges. (Background: Ethereum reserve companies + various ETFs have accumulated a holding of over 10 million ETH, accounting for 8.4% of the total supply) (Background Supplement: Why Standard Chartered predicts Ethereum will reach 7,500 USD by the end of 2025 and 25,000 USD in 2028?) According to the data from the validator queue tracking website, the current Ethereum network reports 893,599 ETH in the withdrawal queue, which, calculated at the current price, is close to 4 billion USD, with a withdrawal waiting time of about 15 days. In the context of a waiting period exceeding two weeks, the on-chain data analysis platform Lookonchain posted on social media that address 0x2aC9 directly exchanged 4,242.4 stETH for 4,231 ETH at market price (transaction amount approximately 18.74 million USD). After completing the exchange, that address immediately transferred all the obtained ETH to the exchange Kraken, likely for cashing out. This operation resulted in receiving 11.4 fewer ETH than the theoretical 1:1 exchange ratio, equating to a loss of approximately 50,500 USD. Although the total ratio loss is less than 0.3%, if the price of ETH drops more than 0.3% during this time, then he would profit; however, the willingness to incur a loss of 50,000 USD to 'exit early' has led to community speculation about whether he knew something in advance. A total of 893,599 $ETH ($3.96B) is queued for unstaking. But whale 0x2aC9 couldn't wait — he swapped 4,242.4 $stETH for 4,231 $ETH ($18.74M) directly and deposited it to #Kraken to sell, taking a loss of 11.4 $ETH ($50.5K). https://t.co/KcVLgZoDwo https://t.co/NwYHeTLOG8 pic.twitter.com/GGBy1OBo60 — Lookonchain (@lookonchain) August 17, 2025 Follow-up Observation: Queue Speed and Discount Rate Observing the scale of unstaking queues and discount exchange cases reveals two parallel signals: one side shows a large amount of ETH waiting to be unlocked, while the other side reflects the urgency of individual actions to transfer assets early. The former accumulates potential supply pressure, while the latter highlights the market's demand for immediate liquidity. In the short term, if the amount of ETH unstaked continues to remain high or even increases, while the frequency of discount exchange events also rises, and Ethereum reserve companies and spot ETFs cannot effectively absorb this selling pressure, it may ultimately create downward pressure on the coin price. Related Reports: The Blood Chronicles of Crypto Gamblers: Fed by Desire in Contracts, Devoured by Fate: Rebirth in Zhejiang, James Wynn, Liangxi... The cryptocurrency realm reflects: Bitcoin returns above 100,000, yet in the faces of those crying '890,000 ETH has been waiting too long for unstaking,' whales are willing to take a 50,000 USD loss to expedite the cashing out of 4,242 stETH. This article was first published on BlockTempo (the most influential blockchain news media).

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