Ethereum staking entry queue doubles exit line as demand rises
Ethereum’s validator entry queue has overtaken the exit line for the first time in six months, with nearly twice as much Ether (ETH) awaiting activation as ETH queued to withdraw. As of the latest reading from the Ethereum Validator Queue tracker, about 745,619 ETH are in the entry queue with an estimated wait of nearly 13 days, while the exit queue holds around 360,518 ETH with an approximate eight-day wait.
The shift occurred on Saturday, when both queues were near 460,000 ETH. Since then, the entry queue has accelerated, while some observers contend the exit queue is trending toward zero.
Abdul, head of DeFi at layer-1 blockchain Monad, noted on X that the last time the entry and exit queues flipped in June, Ether “doubled in price shortly after,” adding that “2026 going to be a movie.” Ether crossed above $2,800 in June and, by Aug. 24, reached a new all-time high of $4,946. It is trading around $3,018 as of Monday.
Ethereum operates a proof-of-stake consensus mechanism requiring validators to stake assets to secure the network. Exiting is often interpreted as validators preparing ETH for potential sale, while staking suggests a willingness to lock up funds for longer periods.
Validator exit queue may reach zero
In a Dec. 24 post, Abdul described the exit queue as a leading indicator of predictable supply entering the market via withdrawals and said ETH had been under sell pressure since July. “I estimate that around 5% of the Ether supply has exchanged hands since then — this accounts for Kiln’s unstaking in September. Roughly 70% of this unstaked ETH has been absorbed by Bitmine; they now hold 3.4% of the ETH supply,” he wrote.
Staking provider Kiln initiated an “orderly exit” of all its Ether validators in September as a precaution following an exploit at digital asset platform SwissBorg.
“At its current rate, the validator exit queue will reach 0 on Jan 3rd — after which I expect the sell pressure on ETH to subside,” Abdul added.
Digital asset treasuries accumulate Ether
Other market participants on X, including Smart Economy Podcast host Dylan Grabowski, cited large digital asset treasury firms such as BitMine acquiring substantial ETH and staking it as a potential driver of the shift.
On Sunday, on-chain analytics platform Lookonchain reported that BitMine staked 342,560 ETH — roughly $1 billion — over the prior two days.
Meanwhile, Ignas, the pseudonymous co-founder of DeFi Creator Studio Pink Brains, suggested the Pectra upgrade may be improving the staking experience and increasing maximum validator limits, making restaking more accessible for larger balances. Ignas also pointed to possible DeFi deleveraging as Aave borrowing rates rose, forcing some stETH loopers to unwind positions.
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