#打榜优质内容# Ethereum network is witnessing an epic "range-bound" battle. The latest data shows that as of August 19, the number of ETH exiting the Ethereum PoS network has surged to 910,000 coins, valued at approximately $3.91 billion, setting a historic high in coin terms.

These ETH waiting to be withdrawn need to queue for about 15 days and 18 hours to complete the unstaking operation.

In contrast, the number of ETH queued to join the Ethereum network is approximately 268,000 coins, worth $1.14 billion, with an activation delay of about 4 days and 15 hours.
A huge gap of nearly 650,000 ETH has formed between inflows and outflows, and the market's long and short forces are engaged in fierce competition in the Ethereum staking pool.

Behind the plummet, three major culprits have surfaced.
The price of Ethereum rose from a low of $1386 in April 2025 to a high of $4788, an increase of over 350%, approaching the historical high of $4868. Such a massive increase naturally triggered a wave of profit-taking.
1 Early stakers are choosing to unstake and lock in profits. On August 17, a whale user transferred 10,819 ETH (approximately $47.79 million) to the kk exchange in one go, with an overall floating profit exceeding $20.68 million.
2 The soaring lending rates have also become a catalyst for withdrawal. In July, the annual lending rate for ETH on the Aave platform surged from around 2.5% to 10.6%, far exceeding the staking yield of about 3% on Ethereum at that time. This broke the trading logic of circular arbitrage, forcing traders to close their positions and exit.
3. The decoupling of liquid staking tokens from the price of ETH has exacerbated the crisis. In July, the discount rate of stETH to ETH once reached 0.4%, creating an arbitrage opportunity. Some traders chose to buy staking tokens at low prices in the secondary market and earn the price difference by redeeming full ETH after unstaking.

Despite the mass exodus of old players, institutional investors are increasing their positions against the trend. In the past half month, institutional investors have added over 1.83 million ETH, fully covering the scale of unstaking.
1 Regulatory easing has ignited institutional enthusiasm. On May 29, 2025, the U.S. SEC clearly stated that "ETH staking does not violate securities laws," completely removing barriers for institutional participation. Since then, institutional staking delegation volume has surged over 100%, and the waiting time for validators has increased by 360%.
2 Public companies are successively implementing the "ETH treasury" strategy: - BitMine Immersion has accumulated a holding of over 1.5 million coins, with a current market value of approximately $6.53 billion; - SharpLink Gaming holds 728,800 ETH, with a market value of approximately $3.12 billion; - The Ether Machine has accumulated a holding of 345,400 ETH, with a market value of approximately $1.48 billion.
3 ETF funds are also continuously providing liquidity. BlackRock iShares Ethereum Trust holds 3.6 million ETH, with a market value of approximately $15.66 billion, accounting for 60% of the total holdings of all Ethereum ETFs. Grayscale Ethereum Trust holds 2 million ETH, with a market value of approximately $8.7 billion.

Technical analysis, 4100 points become a key support.
Ethereum has recently pulled back 10% from its high, which analysts view as a healthy correction. Simon Dedic, founder of Moonrock Capital, pointed out that Ethereum has achieved a 3-fold increase over the past three months, and if it retraces to the $4000-4100 range and rebounds strongly, it will be a typical bullish confirmation.
Analyst Cas Abbé believes that the upward trend of ETH remains intact, and the recent pullback red candle has washed out high-leverage long positions, which is a healthy reset before continuing the rise. ETH may trade range-bound in the coming days and may retest the $4100-$4200 range as a key observation point.
If ETH holds this range, it may trigger a bullish continuation, targeting a new historical high of over the previous peak of approximately 4800 to 5000 dollars.

Future direction, short-term pain and long-term optimism
In the short term, the market is facing enormous selling pressure. 870,000 ETH are queued to exit, setting a record high since the transition to the PoS mechanism. If stETH decouples and triggers a chain liquidation, it could lead to a surge in ETH spot selling pressure.
However, the actual release of selling pressure requires more than 15 days. The Ethereum PoS mechanism stipulates that only 8-10 validators are allowed to exit each epoch, which means the average daily release amount is only about 24,000 ETH. Institutions have increased their holdings by 1.83 million ETH in half a month, far exceeding the current unlocking scale.
In the long run, institutional capital will be the final arbiter of this range-bound battle. The coexistence of exits and entries is precisely a sign of the maturity of the Ethereum ecosystem—an equilibrium formed by early investors realizing profits and the long-term allocation of institutional capital.

Conclusion
On one hand, the whale address 0x2A92 withdrew 53,434 ETH (worth $242 million) within two days, while on the other hand, BlackRock's ETH ETF recorded a net inflow of $1.79 billion in a single day.
The market is experiencing the "deleveraging pain." If the weekly chart holds the support at $4386, ETH is still expected to return to the $5000 high.
The essence of this capital turnover is the market's vote on Ethereum's status as a "financial infrastructure." When Wall Street bets real money on its settlement layer value, the short-term chip fluctuations will ultimately give way to a new growth narrative.
To sum it up in one sentence: The current drop is due to the recent significant increase; old users are taking profits while new capital is entering the market at an accelerated pace. The future of Ethereum looks promising!