Ethereum users are increasingly lining up to unstake their ETH, which could lead to significant sell pressure on the cryptocurrency, according to Bitwise analyst Juan Leon. As of Friday, the validator exit queue reached a record 855,158 ETH, equivalent to approximately $3.7 billion. This trend has emerged alongside Ethereum's recent price decline of over 3% after nearing its all-time high of $4,878. The unstaking queue may create market instability, as a buildup of unstaked ETH could potentially outpace new demand, thus exerting downward pressure on prices. Unstaked tokens like stETH can trade at a discount, reducing their value and contributing to increased selling activity amid market corrections. Leon noted that while growing unstaked ETH does not usually indicate an imminent price crash, it could function like a steady supply influx, impacting ETH's market value if demand does not match. Hence, the current market dynamics may lead to traders unwinding leveraged positions, further fueling ETH sales.

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