Ethereum briefly slipped toward $2,000 on Tuesday following hotter-than-expected US inflation data that rattled financial markets. The cryptocurrency later recovered to around $2,060, though pressure remains.
Staking exit queue contracts
Data from ValidatorQueue shows that the number of ETH waiting to leave staking fell from roughly 457,840 on October 11 to about 5,061 on November 9, a decline of nearly 99%. The queue has since risen to approximately 66,000 ETH, still about 86% below the October level.
With around 44.5 million ETH, or 36.4% of the circulating supply, currently staked, analysts note that reduced withdrawal pressure could limit immediate sell‑off pressure.
Staking participation trends
The entry queue for new staking commitments has also contracted, falling from over 4 million ETH in February to roughly 910,000 ETH.
CryptoQuant analyst PelinayPA suggested that higher staking participation may support prices over the medium to long term by reducing the amount of ETH readily available on the market.
Risks from large‑holder activity
Santiment recorded more than 630 daily stETH whale transactions of at least $100,000 in early November, the highest sustained activity since April. The firm indicated that such activity reflects heavy use of stETH as collateral for borrowing ETH and other assets, creating potential liquidation risk during sharp price declines.
Ethereum briefly fell below Santiment’s $2,050 warning level on Tuesday, and spot Ethereum ETFs recorded outflows of $184.6 million on November 9.
Outlook
While the growing staked supply could provide price support if demand returns, continued ETF outflows, weaker staking entries, and potential forced liquidations may keep the price near the $2,000 level.
