BREAKING: Ethereum staking entry queue is now larger than the exit queue after nearly 6 months. Right now, more ETH is waiting to be staked than to be unstaked. Around 1.32 million ETH is lined up to enter staking with an average wait time of 23 days. And only about 3K ETH is waiting to exit with a waiting time of just an hour. Translation: More ETH is getting locked than unlocked. Historically, large spikes in the entry queue happen when long term conviction is rising. At the same time, exit queues tend to spike near fear or forced selling events. Right now: • Entry demand is rising again • Exit pressure is falling • Net lock up is increasing That combination has historically appeared before stronger ETH cycles, not after them. At the same time network usage is near cycle highs. Daily transactions are trending higher, not lower. This means the market participants are not leaving the network. Also, high network usage results in more ETH burn, which creates a supply crunch. ...