A significant queue to unstake Ethereum (ETH) may drive sell pressure on the cryptocurrency, according to Bitwise analyst Juan Leon. The validator exit queue reached a record 855,158 ETH, worth approximately $3.7 billion, coinciding with a price drop of over 3% after nearing an all-time high. The unsstaking process allows holders to reclaim their staked tokens, usually seen during market uncertainty, which could lead them to more stable assets. While Ethereum's network limits the amount that can be unstaked at one time to prevent major disruptions, the current queue is expected to clear within 15 days. This influx of potential sell orders may impact the asset's price, particularly if staked ETH begins to trade at a discount to ETH, which could trigger further sell-offs as collateral values decrease. Despite concerns about the impact of unstaking, Leon notes that it might not result in a sudden crash but could add downward pressure on prices if the supply overwhelms demand for Ethereum. Overall, while Ethereum has surged recently, its future price trajectory may be challenged by this growing unstaking activity.

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