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 is 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 is the unfreezing of DeFi strategies: stETH was used as collateral in Aave, but rising rates and a deviation in the stETH/ETH exchange rate forced investors to close positions.
📈 Despite the increase in unstaking, the total amount in staking exceeds 36 million ETH (29% of circulating supply), and the number of validators is 1.12 million.
🔼 At the same time, there are more than 580,000 ETH in the queue to enter, confirming institutional interest.
Unstaking at $4.6 billion looks like a natural profit-taking rather than panic. Institutional inflows through ETFs remain at record levels, and retail capital has yet to enter. This means: there is no overheating. Ethereum is undergoing a phase of capital redistribution — and remains a cycle favorite, especially against the backdrop of declining interest in BTC.
