Ethereum’s Validator Entry Queue Has Flipped Exit Queue

Ethereum’s staking queue has flipped the exit line for the first time in six months, with almost twice as much ETH now lined up to be staked as ETH trying to leave the network.

The entry queue for validators has roughly 745,619 Ether (ETH) with a nearly 13-day wait, while the exit line has around 360,518 ETH and an eight-day wait, according to the blockchain explorer Ethereum Validator Queue.

The flippening happened on Saturday, when both queues were around 460,000, but the entry queue has gone vertical since, while some argue the exit queue is trending towards zero.

Abdul, the head of DeFi at layer 1 blockchain Monad, said in an X post on Sunday that the last time the entry and exit queue flipped in June, Ether “doubled in price shortly after,” and predicted that “2026 going to be a movie.”

Ether crossed over $2,800 in June; however, by Aug.24, it had hit a new all-time high of $4,946. It’s trading hands for $3,018 as of Monday.

Ethereum is a proof-of-stake network that requires validators to stake assets to secure the network. Unstaking is often seen as a sign that validators are looking to free up Ether for sale, while staking is seen as a sign of confidence to lock it up for long-term holding.

Validator exit queue could hit zero

Abdul said in a Dec. 24 post that the exit queue is a leading indicator of predictable supply flows entering the market via unstaking, and that it has been under sell pressure since July.

“I estimate that around 5% of the Ether supply has exchanged hands since then — this accounts for Kiln’s unstaking in September. Roughly 70% of this unstaked ETH has been absorbed by Bitmine; they now hold 3.4% of the ETH supply,” he said.

Kiln, a staking service provider, instigated an “orderly exit” of all its Ether validators in September as a safety precaution after the exploit of digital asset investment platform SwissBorg.