Remember the ETH unstaking queue FUD?
Today the exit queue is at zero.
The entry queue has 3M ETH (~$5B) with a 52 day wait.
The main reasons seem to be:
- BitMine. The largest ETH staker now with 4M+ ETH staked, and they keep adding as they buy.
- Grayscale moves ETH to Coinbase Prime for staking, BlackRock's new staking ETF ETHB stakes up to 95% of its holdings. Five more ETF issuers waiting for approval
- Post-Pectra validator consolidations inflate the numbers a bit too
Pls share the exact entities, as the data isn't clear since deposits aren’t all public entities.
But the visible names are all corporates and ETFs.
And all of this with ETH at $1.6k
So probably retail is panic selling but institutions are preparing for the long hold.
Today the exit queue is at zero.
The entry queue has 3M ETH (~$5B) with a 52 day wait.
The main reasons seem to be:
- BitMine. The largest ETH staker now with 4M+ ETH staked, and they keep adding as they buy.
- Grayscale moves ETH to Coinbase Prime for staking, BlackRock's new staking ETF ETHB stakes up to 95% of its holdings. Five more ETF issuers waiting for approval
- Post-Pectra validator consolidations inflate the numbers a bit too
Pls share the exact entities, as the data isn't clear since deposits aren’t all public entities.
But the visible names are all corporates and ETFs.
And all of this with ETH at $1.6k
So probably retail is panic selling but institutions are preparing for the long hold.
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