Ethereum's validator exit queue has reached $3.8 billion, with wait times exceeding 15 days, a significant shift since the 2022 proof-of-stake transition. Liquid staking platforms like Lido, Ether.Fi, and Coinbase have seen withdrawals of 573,000 Ether, valued at $2.5 billion. This mass unstaking is linked to the unwinding of leveraged staking loops due to Aave's increased borrow rates and anticipation of Ethereum staking ETFs following new SEC guidance. Some investors are also capitalizing on Ethereum's recent price surge.