For the first time since July, the validator exit queue on Ethereum has dwindled to almost nothing. People are noticing headlines about less selling pressure and renewed trust in staking, but the reality is a little more complex. So, what actually changed?

A Drying Up of Selling Pressure

According to Beaconcha.in data, the exit queue is currently only 32 ETH, with an average waiting time of about one minute. That is with an average waiting time of about one minute. This reduction represents a drop of nearly 99.9% from the high of 2.67 million ETH in mid-September. At the same time, the entry queue has grown to approximately 1.3 million ETH, the highest level since mid-November.

Also Read: Grayscale Issues First Ethereum Staking Rewards Distribution For US Spot ETF

Staking Demand Surge

As Asymmetrix’s chief technology officer, Rostyk puts it very simply: No one wants to sell their staked ETH.” It’s difficult to disagree with that when the queues are the only ones talking.

Tevis, the founder of the AlphaLedger trading app, said that “ETH exchange reserves are at ten-year lows. Selling pressure is drying up, and now we’re seeing validator entry queue far outpace exit queues (driven by BitMine and ETFs staking their ETH for yield,”.

Also Read: Grayscale ETHE Becomes First U.S. Ethereum ETF to Distribute Staking Rewards

BitMine’s Accumulation

At the same time, BitMine is now the biggest Ether digital-asset treasury. The firm started staking on December 26, and added another 82,560 ETH (about $260 million) to the entry queue on January 3.

Also Read: Ethereum’s (ETH) 1 Core Truth: Resilience Frenzy Over Speed