Yesterday was probably the extreme value for ETH staking inflows and outflows, and today over 200,000 ETH rushed in, filling the Entry Queue to 400,000, hitting a bottom rebound!
Optimists believe that the ETH price is undergoing a regular adjustment near previous highs (or new highs), so don't run away, folks! What happened to the predictions of 8000 or 15,000?
Neutral parties think it's all due to the abnormal interest rates from stETH circular lending a while back + arbitrage causing the issue, a normal deleveraging behavior that shouldn't be over-interpreted.
Pessimists argue that the daily Gas fees of 0.1-0.2 Gwei reflect a lack of on-chain prosperity + the competition from stablecoin chains like Plasma, Arc, Tempo, Stable, Codex for stablecoins and RWA, which is the biggest narrative for ETH's future. Otherwise, why is everyone unlocking and running away?
Will this time be when the pessimists are right and the optimists succeed? 🤔
Based on recent data from the Ethereum Beacon Chain, the staking queue has shown a significant imbalance, with the exit queue far exceeding the entry queue. As shown in the attached figure, the exit queue is approximately 870,521 ETH with a waiting time of 15 days and 3 hours, while the entry queue is 142,234 ETH with a waiting time of only 2 days and 11 hours. The number of exits began to rise significantly from July 2024, showing near-vertical growth by August, with a net outflow difference exceeding 728,000 ETH. This is the highest level since Ethereum transitioned to Proof of Stake (PoS) in 2022.
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