๐ Nobody Wants to Unstake Ethereum Anymore
โฌฉโค Ethereumโs validator queue just did a full 180 โ and itโs a big deal for ETHโs supply.
๐ What Changed
โฌฉโค Exit Queue: 0 ETH waiting to unstake. Withdrawals are instant now.
โฌฉโค Entry Queue: 2.5M+ ETH waiting to stake โ โผ44 day wait to start earning.
โฌฉโค Last Year Q3: Exit queue hit 2.6M ETH with 45-day waits ๐ฌ
Translation: Last year everyone wanted out. Now everyone wants in.
๐ Record Staking
โฌฉโค Total Staked: โผ41M ETH
โฌฉโค % of Supply: 33.6% โ All-time high. 1 out of 3 ETH is locked
โฌฉโค Validators: Nearing 900,000 active
โฌฉโค Big Player: Bitmine/MAVAN staked 4.9M ETH
โฌฉโค Even with lower rewards at 2.62% APR vs 3.05% last year, and higher issuance, people are still locking more ETH.
๐ค Why It Matters
โฌฉโค Bullish Signal: Investors confident long-term despite YTD price dip
โฌฉโค Less Sell Pressure: No risk of millions of ETH suddenly flooding exchanges
โฌฉโค Supply Squeeze: More ETH locked = less liquid supply on exchanges
โฌฉโค As Vitalik noted before, long exit times help network security. โฌฉโค Now we have the opposite problem โ a long entry wait because demand is so high.
๐ Bottom Line
โฌฉโค The fear of a "staked ETH dump" is gone. The new narrative is accumulation.
โฌฉโค ETH is getting scarcer on the open market even as rewards drop
๐ข Not financial advice. Trade with risk management. DYOR โ ๏ธ
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