Ethereum Exit Queue Hits 2.6 Million ETH With 44-Day Wait—Is a $12 Billion Sell-Off Looming?

Ethereum's unstaking queue just hit a massive milestone—and it's got traders sweating.

The Exit Queue Reality Check

Over 2.6 million ETH is now waiting to exit staking contracts. That’s a 44-day backlog. At current prices, we’re staring down a potential $12 billion sell pressure. Not exactly pocket change—even by crypto standards.

Why the Rush for the Exits?

Some validators are taking profits. Others are reallocating. A few might just be spooked. Whatever the reason, the queue doesn’t lie. Liquidity is about to get a serious test.

Timing is Everything—Or Nothing

A 44-day wait means this isn’t a panic dump. It’s a slow bleed. Gives the market time to price it in. Or, in classic crypto fashion, completely ignore it until it’s too late.

So, will $12 billion in ETH really flood the market? Maybe. Maybe not. But one thing’s clear—when stakers move, the market feels it. And right now, they’re moving. Cue the usual chorus of ‘this time it’s different’ from the finance bros who still think ‘HODL’ is a strategy.

Largest Exit Queue Ever Recorded

According to data from ValidatorQueue.com, about 2.6 million ETH were queued up to be unstaked, its largest exit number on record. This exit queue number dwarfs all previous periods of validator exits since Ethereum’s transition to proof-of-stake in September 2022. At its peak, the ETH tokens in the queue were worth about $12 billion. 

Interestingly, the chart data from ValidatorQueue shows a growing trend of more validators unstaking their ETH in recent weeks, as evidenced by the parabolic rise since mid-August. Analyst MartyParty commented on social media platform X, stating, “Ethereum Staking Exit Queue parabolic.”  Such a large-scale withdrawal event highlights growing unease among stakers, and institutional participants or large staking providers are behind the sudden mass exits.

The exit queue has witnessed a parabolic rise in recent months that is hard to ignore. This rise started in July 2025, when the average number of ETH waiting to be unstaked jumped from below 10,000 ETH to about 250,000 ETH within a matter of days. By the end of the month, the exit queue had escalated and climbed past 740,000 ETH. August also saw a similar rise, with queue numbers averaging around 800,000 ETH before crossing 1 million ETH at the end of the month.

 Now, the queue numbers have more than doubled in September, reaching a peak of 2.63 million ETH last week. As it stands, there are more than 2.4 million ETH waiting to leave the network. The backlog is so large that validators are facing an estimated 43 days and 3 hours of wait time before their ETH can be fully unstaked.

Implications For Ethereum Price

With more than $12 billion in ETH queued for withdrawal, the looming question is whether this will translate into significant sell pressure on exchanges. If these withdrawals are liquidated, the ethereum price could face downward pressure. This would damage Ethereum’s rally, which has picked up this week.  

However, not all unstaked ETH is necessarily heading for the open market. Some may be repositioned into restaking protocols or into Spot Ethereum ETFs.

On the other hand, ETH staking has slowed down massively. At the time of writing, 451,950 ETH are currently in the entry queue to be staked. This is a 53% decline from 959,717 ETH on September 5.

At the time of writing, Ethereum is trading at $4,572, up by 2.1% in the past 24 hours.