The Ethereum ecosystem is undergoing a remarkable change. Recent data shows that approximately $2.64 billion worth of ETH is waiting to exit from the Ethereum PoS (Proof of Stake) network, a phenomenon that has attracted widespread attention in the market.

Currently, the exit queue of the Ethereum PoS network has increased to 694,000 ETH, a significant rise from the previous 1,920. This surge in numbers has led to a withdrawal delay of 12 days and 1 hour, reflecting the exit pressure the current network is facing.

At the same time, the demand for new staking is showing a downward trend. Although on July 17, there were 435,000 ETH queued to enter the network, the current admission queue has dropped to 220,000 ETH, worth approximately $836 million, with a wait time of 3 days and 20 hours. This change indicates that the staking frenzy may have begun to cool down.

The reasons behind this phenomenon are worth exploring in depth. In the early days, investors staked ETH primarily to earn an annual yield of around 5% to hedge against inflation. However, with the recent rapid rise in ETH prices, the annual yield has soared to nearly 100%, prompting some investors to choose to exit early to realize profits.

This wave of exit may increase the circulation of ETH in the market in the short term, thereby putting some pressure on the price. Nevertheless, if Bitcoin remains strong, the price of ETH may still maintain relative stability. However, it is worth noting that the strength ratio of ETH relative to BTC (i.e., the ETH/BTC exchange rate) may be subject to some degree of suppression.

Overall, the large-scale ETH withdrawals do not necessarily mean that the ETH price will directly decline, but it may lead to ETH showing slightly weaker performance in comparison to BTC. Market participants should closely monitor this dynamic, as well as the potential chain reactions it may have on the entire cryptocurrency ecosystem.