Ethereum’s unstaking queue is at, or near, an ATH. This means a large amount of staked ETH is waiting to be withdrawn, likely indicating that many holders want to either deploy their ETH in DeFi or sell it. With ETH’s price close to its own ATH, the latter seems more likely. However there's a strong buying from ETF and treasuries. Let's how it balances in the coming weeks. If you hold stETH, you can redeem it for ETH, but you’ll have to wait in that queue. As a result, stETH is trading slightly below ETH, reflecting a time-value discount. From a network perspective, this isn’t a security concern. There’s still a substantial amount of ETH staked, and Ethereum’s reward mechanism automatically increases yields if total staked ETH drops below certain thresholds. In fact, this could mean higher staking rewards for those who remain staked.