Billions of dollars worth of ETH are currently waiting to be processed, highlighting how validator activity has surged in recent weeks.

According to data from Validatorqueue, the exit queue now holds around 2.63 million ETH, valued at nearly $12.3 billion. This backlog means participants seeking to withdraw their assets face a waiting period of roughly 45 days and 18 hours before their transactions can be completed. At the same time, more than 634,000 ETH — worth about $2.97 billion — are lined up on the other side of the process, waiting to be activated as validators. That queue carries a delay of just over 11 days.

The imbalance between withdrawals and new entries can largely be traced to a single player. Kiln, a well-known staking provider, recently announced plans to wind down its Ethereum validator operations. The firm had managed approximately 1.6 million ETH, making its decision particularly impactful on validator activity. Kiln stated on September 10 that it would gradually withdraw its validators in response to the SwissBorg hack, describing the move as a precautionary step to ensure the safety of client funds.

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Although the large-scale exit initially raised concerns about market effects, analysts argue that there is little chance of a flood of ETH being dumped on exchanges. Instead, most of the withdrawn coins are expected to return to staking with fresh validator keys. This reallocation process, while logistically heavy, should prevent major disruptions to Ethereum’s price action.

Observers also note that the long queues reveal both the strength and the strain of Ethereum’s PoS system. The large number of validators waiting to enter suggests ongoing confidence in staking as a revenue stream, while the extended withdrawal delays underscore the challenges of balancing security with flexibility. For stakers, these wait times serve as a reminder that capital locked into Ethereum’s validator ecosystem is not immediately liquid, even during periods of high demand.

Despite the bottlenecks, experts believe the network will adapt over time as validator rotations become more routine. Ethereum’s validator landscape continues to evolve rapidly, with institutional players, staking services, and individual operators all competing for a share of the rewards.

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