#创作者任务台 According to PANews, the Ethereum blockchain's validator exit queue reached 855,158 ETH this Friday, a record high. Bitwise Senior Investment Strategist Juan Leon stated that the increasing amount of ETH set to be unlocked may be the reason behind the recent pullback of this asset. The queue of un-staked Ethereum usually exerts a negative impact on the ETH price, which could lead to significant market sell-off pressure. This is because staked tokens like stETH can trade at a discount, and such discounts reduce the value of collateral, potentially triggering risk reduction, hedging, or even liquidation, ultimately resulting in spot ETH sell-offs. The leveraged 'stETH loop' trades conducted through DeFi protocol liquidity pools will no longer be profitable, creating synchronized selling pressure as traders close positions and sell ETH to repay loans.