**January 4th Update** On-chain analyst Yu Jin reports that in mid-September, when Ethereum (ETH) surged near its 2024 high of ~$4,700, a massive 2.66 million ETH was unstaked. After 3.5 months of market digestion, the ETH unstaking queue has nearly cleared — only ~80,000 ETH remains pending. This 2.6 million ETH outflow drove a 34% drop in ETH’s price, from $4,700 in mid-September to its current level of ~$3,100. The current landscape is drastically different: pending staking inflows far outpace unstaking outflows. This shift comes as Ethereum-focused treasury firm Bitmine (BMNR) has staked a large volume of ETH — 593,152 ETH in the past 8 days — pushing the pending staking queue above 1 million ETH.
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