Internet reports that the validator exit queue of the Ethereum blockchain reached 855,158 ETH on Friday, a record high. Juan Leon, senior investment strategist at Bitwise, said that the increasing number of ETH to be released may be the reason for the recent correction of the asset. The unpledged Ethereum queue usually has a negative impact on the price of ETH, and may also bring greater market selling pressure in the future, because pledged tokens like stETH can be traded at a discount, and the discount will reduce the value of the collateral. This triggered risk reduction, hedging and even liquidation, which ultimately led to the sell-off of ETH. The leveraged "stETH cycle" trading conducted through the DeFi protocol liquidity pool will no longer be profitable, and traders will also repay loans by closing positions and selling ETH. Simultaneous selling pressure.