$ETH
Ethereum: unstaking $4.6 billion and the beginning of capital redistribution
In the Ethereum network, there is a record queue for exiting staking — 1,009,800 ETH (~$4.6 billion).
⏳ Average waiting time — 17 days 13 hours.
1️⃣ The main factor — profit taking after the ATH update:
— Lido withdrew 251,104 ETH
— Ether.fi — 155,104 ETH
— P2P.org — 148,288 ETH
2️⃣ The second driver — unfreezing DeFi strategies: stETH was used as collateral in Aave, but rising rates and the deviation of the stETH/ETH rate forced investors to close positions.
📈 Despite the increase in unstaking, the total supply in staking exceeds 36 million ETH (29% of the circulating volume), and the number of validators is 1.12 million.
🔼 At the same time, more than 580,000 ETH have been submitted to the entry queue, confirming institutional interest.
Unstaking at $4.6 billion looks like a natural profit taking rather than panic. Institutional inflows through ETFs remain record-high, and retail capital has not yet entered. This means: there is no overheating. Ethereum is going through a phase of capital redistribution — and remains the cycle's favorite, especially against the backdrop of declining interest in BTC.