Over the past two days, a significant wave of withdrawals has hit Ethereum-based exchange traded funds (ETFs), with nearly $256 million exiting these funds in total. This marks a concerning trend following an exodus of around $465 million on August 4th. The data comes from SoSoValue, which shows that the second-worst daily outflow was recorded since the ETFs’ launch. Blackrock’s iShares Ethereum Trust (ETHA) and Fidelity’s FETH took the hardest hit this week, with each seeing substantial outflows of $87 million and $79 million respectively. This comes amidst a market downturn where ETH has lost over 6.5% in value. This decrease coincides with an unprecedented spike in the Ethereum staking queue. The number of ETH awaiting withdrawal currently stands at almost 910,000 units worth around $3.9 billion, creating long wait times for validators of well over 15 days.