Thomas Brunner, the head of custody and staking business at Sygnum Bank, stated that the number of Ethereum validators entering the queue has increased to about 2.5 million ETH, and new stakers need to wait for about 43 days, but the backlog is affected by the protocol mechanism. Dencun upgrade reduces the daily validator access limit to approximately 57600 ETH. The Pectra upgrade allows a single validator to hold up to 2048 ETH and automatically compound interest. Large operators can add staking to existing validators, even if only 1 ETH is added, it must be placed in the same queue as the new staker. Currently, about 41.2 million ETH are in a pledged state, accounting for 33.8% of the circulating supply. Brunner believes that the fact that the exit queue is basically empty reflects real confidence, and institutions have not stopped participating due to the weakening of ETH prices. Privacy issues are an obstacle for institutions to expand their staking scale.
