Ethereum’s staking network is under sustained withdrawal pressure, with the validator exit queue experiencing its longest wait time over the past month.

Data from the Validator Queue shows that, as of Aug. 14, stakers face an average of 12 days before they can fully withdraw their funds, a sharp departure from the typical sub-day turnaround.

CryptoSlate first highlighted this trend on July 21, when the withdrawal queue surpassed the entry queue. The backlog has remained elevated ever since.

As of press time, 698,575 ETH (roughly $3.28 billion) are queued for withdrawal, while only 105,000 ETH, valued at about $472 million, are currently entering the network.

What is driving staked ETH withdrawals?

DeFi analyst Ignas pointed out that the most recent withdrawals are concentrated among the top three liquid staking token (LST) providers, including Lido, EtherFi, and Coinbase. These platforms allow users to stake ETH while retaining liquidity through derivative tokens.

Considering this, he attributed the surge in withdrawals from these platforms to unwinding leveraged ETH positions to capture higher yields.

Meanwhile, he also noted that a widening stETH/ETH depeg may be influencing validator behavior, alongside large positions being taken in anticipation of upcoming ETH staking ETFs.

In addition, profit-taking could be another factor behind the exit wave. Long-term stakers may be taking advantage of Ethereum’s recent price rally to withdraw funds from the staking program and realize gains.