An interesting phenomenon has emerged on the Ethereum blockchain. According to the latest monitoring of the Ethereum Validator Queue, the validator withdrawal queue has been cleared. What is the hidden story behind this data change?

In stark contrast, the queue for new validators entering the network is exploding. Over the past month, the number of ETH waiting to enter has surged more than fivefold, now reaching 2.6 million, hitting a new high since July 2023. What does this mean? The waiting time for entry has been extended to 45 days, while withdrawal processing only takes a few minutes.

This contrast indicates that market enthusiasm for Ethereum validators continues to rise. Leon Waitmann, Director of Research at Onchain Foundation, pointed out that once these ETH waiting in the queue are converted into active validators, Ethereum’s staking rate will hit a historic high.

In fact, major institutions have already taken action. BitMine Immersion Technologies has staked over 1.25 million ETH, accounting for more than one-third of its total holdings. The entire ecosystem’s staking scale is also remarkable—according to Santiment data, currently 77.85 million ETH are deposited into the PoS deposit contract, with a total value of $256 billion, accounting for 46.5% of Ethereum’s total supply. This proportion continues to rise.