Recently, Ethereum has experienced the largest 'unstaking wave' in history, with over 900,000 coins #ETH (approximately $4 billion) queued to exit. This looks alarming, but in reality, it is not a systemic crisis, but rather a rational and controllable market behavior driven by three main factors:

1. #DeFi Leverage strategies forced to liquidate

Many investors obtained LST (such as stETH) through staking ETH and then used stETH to borrow ETH on lending platforms like Aave to amplify their returns.

Recently, lending rates skyrocketed (2%-3% → 10%+), causing leverage strategies to transition from profit to loss, forcing investors to unlock ETH to repay loans.

Essentially, this is a rational deleveraging driven by market interest rate signals, not panic.

2. Macro profit-taking

The price of ETH surged in the summer, and early stakers saw returns of over 100%, choosing to unlock and sell to secure profits.

This is a mature market operation by investors rather than a lack of trust in Ethereum's future.

3. Arbitrage opportunities accelerate the exit wave

A large amount of stETH was urgently sold, causing discounts in the secondary market (0.3%-0.6%), with arbitrageurs buying stETH and then redeeming ETH.

Although this arbitrage activity increased the queue size, it is part of the market's self-regulation and does not affect system security.

This exit wave is, in fact, a healthy signal for the Ethereum PoS ecosystem— the market can withstand high leverage adjustments and liquidity pressures, and the mechanism operates smoothly. Short-term fluctuations in ETH prices are inevitable but do not equate to a collapse. If investors understand the underlying logic and are not driven by panic, they can instead seize arbitrage opportunities or reposition their staking strategies.