🚨 Bitwise Alert! ETH selling pressure may increase
• The Ethereum Validator withdrawal queue has reached 855,158 ETH, the highest in history
• Strategist Juan Leon (Bitwise) points out that this large amount of Unstaking may be a reason for ETH prices to weaken
🔹 Significant reasons:
🔻 stETH is being sold at a discount → collateral value is declining → investors are being pressured to reduce risk
🔻 Leverage cycles in DeFi are not worthwhile → traders are closing positions and selling ETH
🔻 Concurrent movements may lead to increased selling pressure in the Spot market
⚡ With over 850k ETH waiting to be withdrawn, the market should brace for continued selling pressure!
