Ethereum validator entry queue has reversed exit queue

Ethereum’s staking queue has reversed its exit line for the first time in six months, with nearly twice as much ETH currently lined up for staking as is leaving the network.

According to the Ethereum Validator Queue on Blockchain Explorer, there is approximately 745,619 ETH in the validator entry queue, waiting for almost 13 days, while there is approximately 360,518 ETH in the exit line, waiting for 8 days.

The reversal occurred on Saturday, when both lines had about 460,000 people, but some argue that since then, entry lines have grown vertically and exit lines are trending toward zero.

Abdul, head of DeFi at layer 1 blockchain Monad, said in an X post on Sunday that the last time the entry and exit columns were swapped in June, Ether “doubled in price right after that” and predicted that “2026 will be a movie.”

Ether surpassed $2,800 in June. However, by August 24th, it hit a new all-time high of $4,946. As of Monday, it was trading at $3,018.

Ethereum is a proof-of-stake network that requires validators to stake assets to secure the network. Unstaking is seen as a sign that a validator is willing to release Ether for sale, while staking is seen as a sign of confidence in locking up Ether for long-term holding.

Validator exit queue can be zero

Abdul said in a Dec. 24 post that the exit queue is a leading indicator of predictable supply flows coming into the market through unstaking, which has been under selling pressure since July.

“We estimate that around 5% of the Ether supply has been exchanged since then, which explains Kiln’s unstaking in September. Around 70% of this unstaked ETH has been absorbed into Bitmine, which currently holds 3.4% of the ETH supply,” he said.

Staking service provider Kiln instigated an “orderly termination” of all Ether validators as a safety precaution in September following abuses by digital asset investment platform SwissBorg.