Ethereum’s validator entry queue has surged past the exit queue for the first time in weeks, signaling renewed demand to stake ether (ETH) just as fears of a major sell-off subside.

At the time of writing, 932,936 ETH ($4 billion) sits in the entry queue compared with 791,405 ETH ($3.3 billion) in the exit queue, according to validatorque.com data. Three weeks ago, the exit queue stood at 816,000 ETH, leading to concerns over whether the market would be able to absorb sell pressure once the tokens were unlocked.

The turnaround was fueled in part by an Ethereum ICO participant who resurfaced after eight years of dormancy. The long-term holder moved 150,000 ETH ($645 million) into staking earlier this week.

Read more: Ethereum ICO Whale Stakes $646M After Three Years Dormant

The investor originally bought 1,000,000 ETH for just $310,000 during Ethereum’s 2014 token sale. Even after staking, the wallet retains 105,000 ETH ($451 million) across two wallets, with the bulk of his holdings untouched.

Ether has been down by around 4% since Aug. 15, when the exit queue hit 816,000, hardly the sell-off that many predicted despite a wider market pullback. During the same period, BTC was down by 7%, while several altcoins experienced double-digit declines.

Long-term bet

Ethereum’s proof-of-stake system continues to act as both a release valve and an attractor of capital. While last month’s exits reflected nervousness, today’s entry queue flip highlights confidence in long-term staking rewards and potential structural demand from ETFs.

As DeFi analyst Ignas noted in August: “While the unstaking queue is at ATH, so are ETF inflows.”

Now, with exits cooling and entries surging, the balance may be tilting back toward staking as a long-term bet on Ethereum’s growth.