Sygnum Bank: Lỗi tích lũy staking ethereum không phải tín hiệu tăng giá rõ ràng

The Mars Finance report states that on July 31, Thomas Brunner, Head of Custody and Staking at Sygnum Bank, said the number of Ethereum validators in the queue has increased to approximately 2.5 million ETH, requiring new stakers to wait about 43 days for activation. However, this data cannot be simply interpreted as a bullish signal, as the backlog reflects both institutional demand and protocol mechanics. Brunner noted that the Dencun upgrade reduced the daily validator entry capacity to approximately 57,600 ETH, and the Pectra upgrade did not increase this limit. Meanwhile, Pectra allows a single validator to hold up to 2,048 ETH and automatically compound rewards; large operators are adding additional staked ETH to existing validators, and even adding just 1 ETH requires joining the same queue as new stakers. Therefore, part of the current backlog stems from reallocation and compounding of existing stakes, not solely from new ETH demand. In contrast, the nearly empty exit queue provides a clearer signal. Brunner stated: “Almost no one is unstaking, which reflects genuine confidence; the entry queue measures both demand and infrastructure mechanics.” Currently, approximately 41.2 million ETH are staked, accounting for 33.8% of the circulating supply. He also noted that institutions have not ceased participation due to weaker ETH prices, as many view staking rewards as an intrinsic attribute of ETH. However, validator addresses, deposit addresses, and withdrawal credentials are all traceable, and privacy remains a primary obstacle for institutions scaling up their staking activities.