Ethereum’s staking queue has surpassed the exit queue for the first time in six months, with 745,619 ETH waiting to enter and 360,518 ETH trying to exit the network. This shift occurred on Saturday and is seen as a bullish sign for the cryptocurrency’s price.

Abdul, head of DeFi at Monad, noted that the last time the entry and exit queues flipped in June, Ether’s price doubled shortly after. Ethereum previously hit a new all-time high of $4,946 on Aug. 24 and is currently trading at $3,018.

The exit queue is considered a leading indicator of predictable supply flows entering the market via unstaking. Kiln, a staking provider, orderly exited its validators in September, which caused a significant amount of ETH to be absorbed by BitMine.

Digital asset treasury companies like BitMine have been staking large amounts of Ether, contributing to the recent flip in the staking and exit queues. The Pectra upgrade is also believed to have improved the staking user experience and made restaking easier for large balances.

Read more at Cointelegraph: Ethereum’s Validator Entry Queue Has Flipped Exit Queue