Ethereum has recently sent two major signals in succession. Vitalik Buterin publicly announced the advancement of the "slimming" plan, while nearly $8.6 billion worth of ETH is continuously entering the staking queue—these two events happening together have already elicited a clear market reaction. On the technical side, the 4-hour candlestick chart has formed a sharp triangle pattern, with buy and sell orders densely intertwined, resembling the buildup of a major move. This is not a simple oscillation; such a suppressed feeling often indicates an imminent breakout.

Let's first look at the core data from the news perspective. Currently, 2.6 million ETH (equivalent to about $8.6 billion) are queued for activation in staking, with an average delay of up to 45 days. This is not the behavior of retail investors—leading institutions like BitMine are engaging in a long-term strategic layout. In other words, these massive holdings will "disappear" from the circulating market over the next month or so, creating a significant supply gap.

Another point worth noting is that the withdrawal queue for staking currently stands at zero. This detail is very critical. It breaks the inertia of "price rises and then someone dumps," and sends a very clear signal to the market— all stakers collectively believe that holding ETH to generate yields or waiting for higher prices is far more valuable than selling immediately. This is not an isolated phenomenon but a concrete reflection of market consensus.

From another perspective, what does locking 2.6 million ETH and having zero redemptions imply? It means the circulating supply available for trading is shrinking rapidly. As supply decreases and holders' confidence strengthens, the balance will tilt toward buyers. Fundamentally, this situation provides strong support for the price. These are not guesses or emotions but a true picture presented by on-chain data.