According to @Excellion, as of August 14, 2025, 768,400 ETH are in Ethereum’s validator exit queue, roughly 3.5 billion dollars, signaling a notable unstaking pipeline, source: @Excellion on X Aug 15, 2025. According to @Excellion, this setup could pressure the ETHBTC pair, with a potential reversion to 0.03 or lower, which indicates relative downside risk for ETH versus BTC, source: @Excellion on X Aug 15, 2025. According to the source, the flippening will not occur, aligning the thesis toward BTC outperformance, source: @Excellion on X Aug 15, 2025. According to Ethereum’s staking withdrawal design, validators that enter the exit queue become eligible to withdraw after processing, which can increase circulating supply once released, source: Ethereum.org staking withdrawals documentation.