Recently, there has been a lot of discussion about the sudden appearance of over 500,000 ETH queued for unstaking. Many people are worried about the risk of a market crash. Currently, it is still unknown who is unstaking on such a large scale. Let me share my thoughts. To start with the conclusion, this level of collective unstaking must be the action of a single institution, which I will elaborate on below. In the history of Ethereum's transition to POS, as shown in Figure 2, if we extend the timeline, the last time such a large-scale unstaking occurred was in January of last year when Celsius went bankrupt and urgently needed cash, instantly unstaking over 500,000 ETH, which caused the entire network's validator queue to be blocked for 7 days. This time, we are seeing a similar scale of unstaking, and the entire network has been blocked for 8 days. So, who is about to go bankrupt again? Or is someone looking to profit and escape? (Sun Ge, if it's you, blink 👀) However, if we only look at the situation of entering and exiting the staking queue, this time there is no need to panic like last time. Last time, compared to the amount of unstaked ETH, the amount entering staking was almost negligible. This time, as shown in the figure above, there have been several days where the number of entries into staking has been roughly equal to the number exiting, so it can almost offset each other, and there is no need to be overly anxious.