Up to 900,000 Ethereum are queued for unstaking, what’s going on? What are the reasons? Current on-chain data shows that the amount of Ethereum queued for unstaking has reached 900,000, hitting a historical high. What’s going on? Many retail investors actually do not understand the mechanism of Ethereum. Since the transition from POW to POS, the entire Ethereum network relies on so-called validator nodes acting as miners, which means there is no need to consume energy to operate physical mining machines; instead, every 32 Ethereum form a validator node. Those who want to mine need to lock their staked Ethereum into the validator node to become miners. A large number of queued unstaking means that many miners are voting with their feet to exit Ethereum mining. By tracking on-chain data, it can be seen that the top ten unstakers are basically nodes from major exchanges. Some retail investors say that the exchanges want to dump the market, but the general situation should be that most of the mining participants are retail investors, including some traditional big players (but not as large as institutions) who want to take advantage of the Ethereum treasury company for a handover. Since each staking node requires 32 Ethereum, it is generally difficult for retail investors to assemble nodes independently, so they typically choose to stake to exchange nodes to earn returns. Therefore, it is clear that a large amount of unstaking comes from CEX. Anyway, this situation is very similar to when Bitcoin ETFs were introduced, where institutions entered the market pushing up coin prices, and some short-term or medium-term holders in the crypto circle sold off. After both sides called each other fools, the chips changed hands sufficiently. So personally, I feel there’s no need to panic too much; without handover, there is no rise 📈.#加密市场回调