The Ethereum validator entry queue has swollen to about 745,619 ETH with an estimated ~13‑day wait, while the exit queue is ~360,518 ETH with an ~8‑day wait — a reversal that began on Dec. 27. The rise in entry demand is linked to large treasury staking (Bitmine staking ~342,560 ETH), the September Kiln orderly exit, and possible UX/parameter improvements from the Pectra upgrade. Abdul (Monad) noted a similar queue flip in June preceded a sharp price rise and estimated the exit queue could hit zero by Jan. 3, which would likely reduce sell pressure. Reported ETH price at the time was ~$3,018. Other factors mentioned include DeFi deleveraging and stETH restaking loops affecting supply dynamics.

Entry queue (~745,619 ETH, ~13 days) exceeds exit queue (~360,518 ETH, ~8 days) after a Dec. 27 flip; large treasury staking (Bitmine ~342,560 ETH), Kiln exit, and Pectra upgrade improvements are cited as drivers. Abdul's note that a prior flip preceded a sharp price rise and the estimate that the exit queue could hit zero (reducing sell pressure) are concrete supply-side factors that can affect short-term ETH price.