At the same time, the queue to join the network as a new validator has also surged, with a wait time of around 6 days and 10 hours, the longest since April 2024.
The widening gap between entry and exit wait times reflects a higher volume of validators looking to leave the network compared to those joining.
As of July 22, more than 475,700 ETH belonging to validators are waiting to be unstaked, a figure not seen since Jan. 5, 2024, when the exit queue peaked at over 536,500 ETH.
Despite the growing exit queue, the total volume of ETH staked continues to rise.
Dune Analytics data shows that over 35.5 million ETH is currently locked in staking contracts, accounting for nearly one-third of Ethereum’s total supply.
However, the digital asset’s value has slightly retraced to $3,696 as of press time, according to CryptoSlate’s data.
