Currently, approximately $8.49 billion worth of ETH is queued to join the Ethereum PoS network, and the staking withdrawal queue has been cleared

According to the validator queue tracking website validatorqueue, the current number of ETH waiting to join the Ethereum PoS network has risen to 2,818,506, worth approximately $8.49 billion, with an expected activation delay of about 48 days and 22 hours.

The main reason is that BitMine has recently staked a large amount of ETH it holds. The Ethereum PoS network's staking exit queue has been cleared, and currently, there are no users choosing to redeem ETH from staking.