Ethereum Queue Surges 392% Amid MetaMask Staking Incident

The Ethereum withdrawal queue has surged 392% since early October, with nearly 850,000 ETH awaiting exit. This peak is the longest exit queue seen on Ethereum this year.

The surge is largely attributed to a security scare with MetaMask Staking, which informed users that part of its infrastructure had been compromised. As a precautionary measure, MetaMask initiated the exit of nearly 17,000 validators, collectively holding approximately 523,000 ETH, which is tied to Lido’s operations.

Jiang Zhuo'er, founder of the Litecoin mining pool, noted that the queue jump suggests some holders are locking in profits at the current price. The price of ETH barely moved between September 30 and October 2, trading in a narrow range between $2,686 and $2,725.

With the waiting period approaching 14.77 days, any selling pressure is being gradually absorbed rather than dumped all at once onto the market. The MetaMask exit is expected to be completed by October 7, after which the queue should noticeably shrink unless new exits are added.