Ethereum exit queue surges to all-time high
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according to data The validator queue (the queue of stakers wishing to exit the Ethereum consensus layer beacon chain) grew to a record 16,283 validators on January 4, significantly surpassing the all-time high of 3,829 words set on December 4.
The waitlist is expected to take 5.5 days to complete. Since each epoch can process up to 13 validators, each epoch lasts approximately 6.4 minutes.
Ethereum validator exits queue | Source: Validator Queue
Analysts attributed the move to failed CeFi lender Celcius announcing that it would be delisting all of its existing ETH on the same day. Celsius said it was recycling and rebalancing assets in preparation for distribution to creditors. In August, the company revealed plans to distribute nearly $2 billion worth of BTC and possibly ETH to creditors.
“Major unstaking activity in the coming days will unlock ETH to ensure timely distribution to creditors,” Celcius wrote. tweet.
Celsius filed for bankruptcy in July 2022 after halting user withdrawals a month ago. A July 2023 settlement with the U.S. Federal Trade Commission found that Celsius misappropriated more than $4 billion from customers before suspending operations.
On December 20, Web3 researcher An Ape’s Prologue, tweet Celcius sold $243 million worth of ETH in 30 days. data Data from Arkham Intelligence shows that the company still holds $227 million worth of ETH.
ETH ETF speculation is rampant
While Celsius is likely to liquidate its large remaining ETH holdings, many believe spot ETF speculation could soon boost altcoin returns.
With prominent analysts predicting that the U.S. Securities and Exchange Commission (SEC) will approve the first spot Bitcoin ETF next week, a growing number of researchers are turning their attention to Ethereum as the next to receive spot ETF approval. potential candidates.
Bloomberg analyst James Seyffart initially expected the SEC to approve a group of spot Bitcoin ETFs because tweet:
“Expect additional spot Bitcoin ETF applications in the coming days.”
exist seminar On January 4, Bloomberg analyst Eric Balchunas said online that the ETH futures ETF launched in October treats ETH as a commodity by default, paving the way for spot ETFs to also be approved.
“By approving these ETH futures ETFs, they are tacitly recognizing ETH futures as commodity futures. If they were to call ETH a security, that would be against the rules of the CFTC regulator… which is why I think we may see potential ETH futures this year as well. ETF approved.”
Satoshi Flipper, famous trader and analyst, argument The current price of ETH does not reflect the prospects of spot ETFs.
“The proposed spot ETH ETF is not even priced at $0.01. In my humble opinion…if the market has this mentality and forward thinking, ETH prices will rise to $3,000 once the BTC ETF is approved as soon as this week.”
DCinvestor, famous investor, Web3 KOL, agree With this perspective.
“After the success of the BTC ETF, everyone in the emerging “crypto TradFi space” will look at the fact that there is only one other asset in CME Futures, the Active Futures ETF, formerly known as the CFTC and former SEC Chairman Commodity. That’s ETH.”
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