Key Takeaways
Ethereum unstaking nears 894,000 tokens, sparking renewed correction fears across spot and derivatives markets.
Ethereum [ETH] is under pressure yet again, as staking withdrawals pile up. Currently, nearly 894,000 ETH, around $3.96B, are lined up to be unstaked — one of the biggest exit queues in recent months.
The sheer scale hints at fading conviction among stakers, many of whom appear more interested in freeing up liquidity than holding through uncertainty.
Source: X
Whales are losing their calm
Not all are waiting for the queue, though. A whale wallet, 0x2aC9, dumped 4,242 stETH for 4,231 ETH (about $18.7M) and sent it straight to Kraken.
Interestingly, the move locked in a small loss — around 11 ETH worth $50k — suggesting urgency outweighed patience.
Cases like this are not rare of late, as more investors are willing to sell at a discount just to rotate out. This could be also a by-product of increased profit taking as ETH bullish run nears all time peaks.
Source: Arkham
Bearish signals emerge
On-chain market sentiments don’t look any brighter. According to AMBCrypto’s analysis of CryptoQuant’s 90-day cumulative data, the derivatives market has been showing steady selling pressure.
Ethereum’s 90-day cumulative delta across the market tilted firmly bearish, pointing to sellers dominating the flow.
In most cases, when the Futures market leans this way, it usually means buyers are staying cautious while liquidity thins out.
Source: CryptoQuant
What’s next?
The key question now is whether demand can soak up this wave of supply, or if Ethereum will slip further into correction. Traders may choose to sit on the sidelines and watch if whales continue moving coins to exchanges.
However, the technical setup sent some hope, as at press time, the overall structure on the daily chart remained bullish.
In case of a short-term correction, the next barrier against further dips is not too far. The order block support at around $4,250 could be the next key reversal point.
Source: TradingView