The Ethereum blockchain is experiencing a spike in validators queuing to withdraw their staked ether. The exit queue has reportedly reached 16,000, according to data from ValidatorQueue. The queue represents more than 510,000 ether ($1.1 billion), with a maximum validator stake of 32 ether per validator.

The processing time for completing the exit queue will be five days, with a total withdrawal length of more than 14 days.

This comes as Celsius, going through restructuring after filing for bankruptcy protection last year, shared its plans to cancel its stake in the Ethereum network — intending to distribute assets to its creditors.

Celsius’ withdrawal request of more than 200,000 ETH ($450 million) has contributed to …