The Ethereum unstaking queue has reached a record $12 billion, with 2.6 million ETH queued for withdrawal, marking the highest level of Ether set for unstaking. This surge comes as investors potentially look to cash in on profits, with Ether's price having risen 97% over the past year. The current wait time for unstaking is 44 days, highlighting significant activity among Ethereum validators. Despite concerns of a potential sell-off, strategic reserves and ETF holdings have increased by 116% since July 1, absorbing much of the selling pressure. Institutional demand remains strong, with Ethereum investment products attracting $646 million in inflows last week. The potential launch of ETH staking ETFs could further influence market dynamics, with approval possibly coming as early as October 2025.