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The is a combination of partial and full withdrawals.
Balances in excess of 32 ETH (i.e., secured staking rewards) are withdrawn to an Ethereum address and can be spent immediately. The validator will continue to be a part of the Ethereum network with 32 ETH in their address.
The validator will withdraw entirely their balance and stop being a part of the Ethereum network.
The Ethereum validator activation and exit queue are the largest unknowns in the staking process, as their duration fluctuates with demand and the capacity depends on the number of active validators of the network.