Ethereum Staking Queue Tops 1.8M ETH With ~32-Day Wait

The queue is a structural feature of Ethereum's churn limit, not a demand signal on its own, but the asymmetry with a far shorter exit queue is the telling detail: capital wants in, and it is willing to sit idle without protocol rewards for roughly a month to get there. That idle capital is the real story, since it earns nothing while waiting and creates a visible overhang of pent-up validators. Whether the backlog keeps building or clears once activation catches up is the open question, and it bears watching as a gauge of staking appetite versus patience.