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Analyst: Billions of Dollars Worth of Ethereum Waiting to be Unstaked Could be One of the Reasons for Recent ETH Price Correction
Summary: According to a cryptocurrency expert, an increasing number of Ethereum holders are queuing up to unstake their tokens, a trend that could exert significant selling pressure on ETH prices. Data from validatorqueue.com shows that a record 855,158 ETH were queued for withdrawal from the Ethereum blockchain validators on Friday. CoinGecko data indicates that these tokens ...
According to a cryptocurrency expert, an increasing number of Ethereum holders are queuing up to unstake their tokens, a trend that could exert significant selling pressure on ETH prices. Data from validatorqueue.com shows that a record 855,158 ETH were queued for withdrawal from the Ethereum blockchain validators on Friday. CoinGecko data indicates that these tokens were worth approximately $3.7 billion as of Friday evening. Bitwise's Senior Investment Strategist Juan Leon suggested that the growing queue of ETH waiting to be unstaked could be one of the reasons for the recent correction in the asset's price. After coming close to hitting a new all-time high in market value, the second-largest cryptocurrency has dropped by several hundred dollars in the past few days. Leon explained that the queue of ETH waiting to be unstaked could have a negative impact on ETH prices, especially when the staked ETH is trading at a discount compared to ETH itself.
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Link: Analyst: Billions of Dollars Worth of Ethereum Waiting to be Unstaked Could be One of the Reasons for Recent ETH Price Correction [Copy]
