Bitwise analyst: The number of ETH to be released is increasing, which may bring greater market selling pressure
2025-08-17 15:54:41
The validator exit queue of the Ethereum blockchain reached 855,158 ETH on Friday, a record high. Juan Leon, senior investment strategist at Bitwise, said that the increasing number of ETH that is about to be released may be the reason for the recent correction of the asset. The unpledged Ethereum queue usually has a negative impact on the price of ETH, and it may also bring greater market selling pressure in the future, because staked tokens like stETH can be traded at a discount, and the discount will reduce the value of the collateral, which will lead to risk reduction, hedging and even liquidation, and eventually lead to a spot sell-off of ETH. The leveraged "stETH cycle" trading through the DeFi protocol liquidity pool will no longer be profitable, and traders will repay loans through position squaring and selling ETH to form a simultaneous selling pressure.
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