Ethereum witnessed a record-breaking withdrawal event this week, with more than 2.4 million Ether (worth over $10 billion) waiting to be withdrawn from the network’s proof-of-stake system. This surge has significantly lengthened the validator queue time, exceeding 41 days and 21 hours according to data from ValidatorQueue.com. While this doesn’t necessarily mean all validators are cashing out, a large portion of the $10 billion is likely to be sold due to Ethereum’s price surge in the past year (83%), indicating a potential sell-off pressure. The validator queue’s 5x larger than the entry queue, further amplifying concerns. While short-term selling pressure remains high, the network’s stability is robust with over one million active validators holding significant ETH reserves. Grayscale’s recent activity adds to this dynamic, with the company contributing a substantial portion of coins waiting for staking activation, despite the high number of pending withdrawals.