Have you all noticed a phenomenon? Do you know what the current state of the Ethereum staking market is like? It’s almost unbelievable—knowing full well that you have to wait 30 days with zero returns, yet $5.5 billion in funds are rushing in desperately. Meanwhile, the withdrawal queue is so clean and orderly, as if it’s been tidied up, and not a single person has thought of withdrawing.

I’ve been rooted in on-chain data for eight years, and I dare to say that behind this frenzy lies the most authentic psychological game in the Ethereum market, and it’s brewing a shift in the supply landscape that could impact the entire ecosystem.

Let’s start with the most eye-catching on-chain data. Currently, the Ethereum staking waiting queue has surged to 1,759,000 ETH, which is equivalent to $5.5 billion—this is the highest level since August 2023. Even more astonishing is that on one side, the entry channels are completely blocked, while on the other side, the withdrawal queue remains at zero records. In other words, everyone wants to enter, and no one wants to withdraw. This kind of emotional imbalance is truly rare in the market over the past three years.

Some might think, isn’t it just about earning some staking rewards? Why are people rushing in even if they have to wait a month with no returns? Here, I need to clarify the logic. Since Ethereum switched to proof of stake, staking has become the backbone of network security and the main way for long-term holders to earn passive income. But now, the demand is so high that the activation waiting time for new validators has been extended to 30 days and 13 hours. In other words, once your funds are locked in, you have to wait over a month before you start earning returns. During this period, there’s no liquidity at all—it's like paying an entrance fee first and then waiting in line for entry.