🚨What if the withdrawal lock on Ethereum is lifted: Does it lead to a sell-off bomb?

Ethereum prices dropped after reaching an almost record level last week, with analysts warning that an increase in unstaked coins could affect the market later this month.

The cryptocurrency rose from $3,698 at the beginning of August to $4,788 last Thursday, its highest level in four years. However, as of 9 AM UTC on Monday, it had dropped to $4,260 — a decline of 10% after a nearly 30% rise over two weeks.

ETH withdrawal waiting time jumps from 25 to 40 days

The sharp gains led to significant activity in withdrawals. The on-chain data provider Rated reported that on August 9 alone, the Ethereum exit queue was so crowded that processing times extended to around 25 days.

The withdrawal process includes two main steps: the exit queue and the withdrawal queue. The exit queue is when a validator requests to exit their role on the network. The withdrawal queue is the next step where unstaked ETH is transferred back to the user's wallet. Typically, withdrawals take only two to three days.

The queue continued to grow. This accumulation reflects the increasing number of validators looking to sell ETH at a higher price.#BinanceHODLerPLUME #PowellWatch #MarketPullback #MetaplanetBTCPurchase #CPIWatch