In recent days, the sudden emergence of over 500,000 ETH queued to be unstaked has sparked quite a bit of discussion. Many people are worried about the risk of a market crash. Currently, it is still unknown who is unstaking on such a large scale. Let me share my views; first, the conclusion: this cluster-level unstaking must be the action of a single institution, which I will elaborate on below.

In the history of Ethereum entering POS, as shown in Figure 2, if we extend the timeline, the last time such a large scale of unstaking occurred was in January of last year when Celsius went bankrupt and urgently needed money, instantly unstaking over 500,000 ETH, which caused the entire network's validator queue to be blocked for 7 days. This time, we are seeing a similar scale of unstaking, and currently, the entire network has been blocked for 8 days. So, who is going bankrupt again? Or is someone trying to profit and escape? (Sun Ge, if it’s you, blink your eyes 👀)

However, if we only look at the situation of entering and exiting the staking queue, there is no need to panic this time like last time. In the previous instance, the amount of ETH staked was almost negligible compared to the amount unstaked, whereas this time, as shown in the figure above, there have been several days where the number of entries into the staking queue has been almost equal to the exits from the staking queue, so they can mostly offset each other, and there is no need to panic too much.