The recent Ethereum staking frenzy in the crypto circle clearly shows that the market focus has completely shifted. $5.5 billion in funds are rushing into staking, even though it takes more than 30 days to start earning returns, investors' enthusiasm remains undiminished. In contrast, the withdrawal queue shows almost no activity—this stark difference itself highlights the seriousness of the situation.

On-chain data is eye-opening: currently, the ETH waiting to be staked has reached 1.759 million, with a market value of $5.5 billion, a level never seen since August 2023. The congestion in the entry queue is even more outrageous—the activation wait time for new validators has been extended to 30 days and 13 hours, meaning your funds will sit in the "safe" for a full month with zero returns during that period. Despite this, people continue to line up to stake, while the withdrawal queue shows zero data. In other words, there are only buyers in the market now, no sellers.

This seems abnormal, but the logic behind it is actually very clear. Market sentiment has completely reversed from the previous panic selling to a firm locking-in stance. Since mid-last year, whenever ETH prices surged, the market would fall into worry—fearing reversals and being caught in a downturn. But now, it’s different; investors’ mindset has clearly changed. Those willing to lock their funds for a month to qualify for staking are long-term bullish on the market direction, not just short-term speculators. This is not blind follow-the-leader behavior, but a result of the dual resonance of market sentiment and institutional deployment.