What does “Awaiting release from previous registrar” transfer status mean?

This status means that there are no issues at this time, the transfer is being processed normally.

According to ICANN 'Policy on Transfer of Registrations between Registrars', transfers that have reached this stage are automatically confirmed in 5 calendar days. However, it may take additional 24 hours for the Registry to finalize the transfer.

At this stage, you may want to contact the losing Registrar support team to check if they can release the domain sooner. However, in most cases this is a highly automated process, so there are no special actions required on your part.
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