The post Ethereum (ETH) whales and retail stakers cause growing queue for withdrawals appeared on BitcoinEthereumNews.com.

Ethereum (ETH) on-chain data shows multiple whales and validators are preparing to unstake their tokens. The Beacon chain still holds a record number of coins, but some previous stakers are moving their liquidity.  Ethereum (ETH) stakers have started to move their funds, creating a queue for significant withdrawals. The new ETH will be unlocked in the coming days. Unstaking and unlocking tokens may not lead to direct selling, but some of the ETH may still end up on the markets.  Total pending withdrawals reached 246.66K ETH, and more than 7,000 validators are leaving the staking smart contract. Some of the withdrawals may belong to whales, creating more concentrated selling pressure. However, the queue also contains smaller transactions of 0.30 ETH, where end users have staked through other protocols. Historically, big token unlocks for ETH have coincided with price crashes.  The current queue for withdrawing funds has a sweep delay of 9.2 days, which may further slow down the selling. Overall, churn has decreased as validators entries and exits are near balance.  One of the bigger concerns for large-scale sellers was from Jump Crypto, which is winding down its trading operations. The company unlocked larger ETH tranches, between 11K and 19K tokens. The last on-chain sales from Jump Crypto came on August 7.  The inflows arrive at a time when new ETH burning is slower, adding another 60K ETH in the past few weeks through block production. During current network conditions, the Ethereum network produces more than 18,000 new tokens on a weekly basis, adding more than 10K tokens net each week. ⚠️ Ethereum is facing a significant withdrawal queue ⚠️ Ethereum is experiencing a notable withdrawal from the network. In the next 12 hours, approximately 143k $ETH worth $350m in value will be available for users to withdraw. There’s also…

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Filed under: News - @ August 9, 2024 3:20 pm