According to @EmberCN, ETH peaked near $4,700 in mid-September and has since fallen about 34% to roughly $3,100. According to validatorqueue.com cited by @EmberCN, the unstaking backlog has been largely cleared with only about 80,000 ETH still waiting to exit. According to validatorqueue.com cited by @EmberCN, the deposit (entry) queue now exceeds 1,000,000 ETH, reflecting net inflows into staking. According to ARKM Intel cited by @EmberCN, treasury entity BitMNR recently deposited 82,560 ETH and has staked over 500,000 ETH since 12/27, with total ETH holdings reported at 4.11 million and approximately 13.2% currently staked. According to @EmberCN, the earlier exit wave totaled roughly 2.66 million ETH and has been digested over about three and a half months.

According to Lookonchain, 893,599 ETH (about $3.96B) is currently queued for unstaking based on ValidatorQueue data, source: Lookonchain; ValidatorQueue. Lookonchain reports that whale address 0x2aC9 swapped 4,242.4 stETH for 4,231 ETH and deposited the 4,231 ETH (about $18.74M) to Kraken to sell, source: Lookonchain; Arkham Intel. Based on those reported amounts, the trade realized an 11.4 ETH loss (about $50.5K), implying roughly a 0.27% stETH to ETH discount at execution, source: Lookonchain. The direct exchange deposit indicates immediate spot sell flow on Kraken as stated by the tracker, source: Lookonchain.