Odaily Planet Daily reported that Juan Leon, senior investment strategist at Bitwise, said that the number of ETH to be unstaked is increasing. The validator exit queue of the Ethereum blockchain reached 855,158 ETH on Friday, a record high. This may be the reason for the recent pullback of the asset. The unstaked Ethereum queue usually has a negative impact on the ETH price and may also bring greater market selling pressure in the future.

Because staked tokens like stETH can trade at a discount, and the discount will reduce the value of the collateral, thereby triggering risk reduction, hedging and even liquidation, and ultimately leading to the sale of ETH spot. Leveraged "stETH cycle" transactions conducted through the DeFi protocol liquidity pool will no longer be profitable, and traders will also create simultaneous selling pressure by closing positions and selling ETH to repay loans.