Ethereum PoS Staking Divergence: Exit Wave Meets Institutional Inflow

Ethereum sees 660,000 ETH queued for exit and 263,000 ETH for entry, reflecting short-term profit-taking versus long-term institutional confidence.

Institutions like SharpLink and BitMine are aggressively staking ETH, driven by 3–4% yields and supportive U.S. regulations.

Exit volume exceeds entry, creating short-term price pressure, but ETFs and large holders may absorb the supply.

As of July 28, 2025, the Ethereum PoS network is experiencing a notable shift in staking dynamics. According to validatorqueue data, around 660,000 ETH (worth approximately $2.54 billion at the current price of $3,848) are waiting to exit the network, with a wait time of 11 days and 11 hours.

At the same time, about 263,000 ETH (roughly $1.01 billion) are queued to enter the network, with an activation delay of around 4 days and 14 hours. This combination of “exit wave” and “entry rush” reflects a market divided between short-term profit-taking and long-term institutional confidence.

SURGE IN EXIT QUEUE: SHORT-TERM PRESSURE FROM PROFIT-TAKING

Since its April 2025 low, Ethereum has surged over 160%, rebounding from around $1,480 to $3,848. This rise has led many early stakers to exit and lock in profits. Validatorqueue data shows around 660,000 ETH (about $2.54 billion) waiting to exit, with the queue lasting over 11 days. On-chain data from platform X shows that on July 26, the exit queue peaked at 743,800 ETH—the highest since January 2025. While the number has slightly decreased, it still reflects strong selling demand.

Glassnode data reveals that addresses holding more than 10,000 ETH have increased their holdings from 37.56 million to 41.06 million ETH, a 9.31% rise—indicating large holders are accumulating. Meanwhile, small and mid-sized stakers are more likely to exit. This divergence is likely due to early stakers entering the market between 2020–2022 at lower costs (around $500–$1,500), now seeing large profit margins. Additionally, fear of a price correction or the need to reallocate capital into other assets (like Bitcoin or Layer 2 tokens) may be driving the exit wave.

This large-scale exit, representing about 5.5% of ETH’s circulating supply, could create short-term sell pressure if it flows into secondary markets. According to Cointelegraph, if ETH drops below $3,494 (the 38.2% Fibonacci retracement level), it could fall further to $3,381 or $3,234 (20-day EMA). However, rising concentration among large holders may absorb some of this supply, easing the impact on price.

ENTRY QUEUE SURGE: LONG-TERM CONFIDENCE FROM INSTITUTIONS

In contrast to the exit queue, about 263,000 ETH (around $1.01 billion) are waiting to join the PoS network, with a 4-day, 14-hour activation delay—showing strong inflow demand. Data from platform X shows that staking activity has surged since July, driven mainly by institutional investors. Several public companies are now using ETH staking as a strategy—similar to MicroStrategy’s approach to Bitcoin.

For example, as of July, SharpLink Gaming holds around 360,800 ETH (about $1.32 billion), acquired through PIPE and ATM financing totaling over $6 billion. Most of this ETH is staked for 3%–4% annual returns, with over 567 ETH in cumulative rewards. BitMine Immersion holds about 300,700 ETH ($1.074 billion) and is planning to raise another $250 million to increase its ETH stake, aiming to own 5% of global ETH supply.

It is backed by $182 million from institutions like ARK Invest. Other firms like Bit Digital (120,300 ETH) and BTCS Inc. (31,900 ETH) are also increasing their ETH positions through similar strategies, showing long-term belief in Ethereum’s value.

Improved regulations are also boosting confidence. The U.S. “GENIUS Act” classifies staking rewards as deferred income, lowering tax burdens for businesses holding ETH. The SEC’s proposed “innovation exemptions” support tokenization of assets, giving institutions clearer paths to participate in Ethereum. These policies are helping ETH staking gain recognition as “digital bonds,” offering stable returns (3%–4% annually), unlike non-yielding assets like Bitcoin.

Ethereum spot ETFs are also helping drive inflows. On July 10, net inflows reached $383 million in one day, pushing total assets under management to $14.22 billion—3.87% of Ethereum’s total market cap. These ETFs must buy ETH on the open market, creating constant buy pressure and offsetting some selling from the exit queue.

MARKET DYNAMICS: EXIT VS ENTRY

Ethereum’s PoS staking dynamics are clearly split: the 660,000 ETH in the exit queue reflects profit-taking pressure, while the 263,000 ETH in the entry queue shows strong institutional belief. Exit volume ($2.54 billion) far exceeds entry volume ($1.01 billion), which could add short-term downward price pressure. However, continued institutional buying and ETF demand, plus increasing concentration of ETH among large holders, suggest that the market has strong absorption power.

Technical analysis shows ETH is trading near a key level at $3,848. If it holds support at $3,494 and rebounds, it could aim for $4,094 or even $4,500. But if it breaks below $3,494, it might fall to $3,381 or $3,234. In the long run, Ethereum’s growing Layer 2 ecosystem (e.g., Arbitrum’s weekly transactions surpassing 300 million), DeFi TVL reaching $125 billion, and EIP-4844 lowering rollup costs all support its fundamental value.

Currently, Ethereum’s staking participation rate stands at 28.9% (about 34.7 million ETH), which secures the network. Still, the rising exit queue could affect validator count and block production speed in the short term. On the other hand, growing institutional staking may enhance decentralization and network stability.

RISKS AND CHALLENGES: VOLATILITY AND UNCERTAINTY

Despite strong institutional interest in Ethereum staking, risks remain. Price volatility especially impacts institutional holders. For instance, the stock prices of SharpLink Gaming and BitMine Immersion are highly correlated with ETH. SharpLink surged from $2.58 to $124 in two months, then fell to $28.98. BitMine jumped over 700% in one month, then dropped to $39.60. If ETH falls to $3,000, these firms could see over 20% asset valuation losses, triggering a “death spiral.”

Regulatory uncertainty is another key concern. While the “GENIUS Act” offers support, the SEC has not clarified its stance on staking-based ETFs, which may limit institutional expansion. Global regulations, such as the EU’s MiCA framework, could also raise compliance costs.

Additionally, SharpLink’s $6 billion financing plan (via ATM and PIPE deals) far exceeds its $300 million market cap, raising questions about shareholder dilution and long-term financial sustainability.

〈Ethereum PoS Staking Divergence: Exit Wave Meets Institutional Inflow〉這篇文章最早發佈於《CoinRank》。