Internet reports that affected by the increase of more than 160% since April, ETH pledgers have experienced a large-scale cashing wave. The queue number of validators exiting has climbed to 519,000 ETH pieces, worth approximately US$1.92 billion. The queuing time exceeds 9 days, which is the highest level since January 2024. At the same time, the high enthusiasm for institutional pledges has driven the number of ETH entries to climb to 357,000, worth approximately US$1.3 billion. The queue time exceeded 6 days, the longest since April 2024. Since companies such as Sharplink Gaming switched to the ETH treasury strategy in May, pledge demand has increased significantly. The analysis pointed out that exit was mainly driven by profit-taking by early pledgers; while entry was boosted by regulatory benefits after the SEC clarified on May 29 that "pledge does not violate the Securities Law." As of now, the number of active ethereum validators has exceeded 1.09 million, an increase of more than 54,000 since the end of May. Andy Cronk, co-founder of Figment, said that the volume of institutional pledge orders has increased by more than 100%, and the queue time for verifiers has increased by more than 360%, which is in line with the rise in ETH prices.