The number that caught my attention isn’t $2.5M ETH waiting to enter staking. It’s the 44-day queue. ETH is still struggling below a key psychological level, yet thousands of participants are choosing to lock their capital anyway. That changes how I read the market. ➜ Exit queues have dropped to zero. ➜ More than 2.5M ETH is waiting to be staked. ➜ Over 33% of the total supply is already locked. Staking isn’t just about earning yield. It’s a capital allocation decision. Joining a 44-day queue means accepting reduced liquidity and giving up the ability to react instantly if conditions change. People don’t usually make that trade-off unless they believe the opportunity cost is worth it. Price tells you where the market is. Positioning tells you what participants expect next. Right now, the behavior looks more constructive than the chart. That’s the signal I’m watching.