Over 111,000 Ethereum Were Withdrawn Within 24 Hours Since The Shanghai Upgrading

Key Points:

• The much-anticipated Shapella update for Ethereum went live last night, with over 111,000 ETH withdrawn in just 24 hours.
• According to the data gathered, “111,378 ETH, worth approximately $216.3 million, was withdrawn after the upgrade was completed.”

Within 24 hours of the Shanghai upgrade, over 111,000 Ethereum had been withdrew.

The much-anticipated Shapella update for Ethereum went live last night, with over 111,000 ETH withdrawn in just 24 hours. Additionally, the proof-of-stake (PoS) upgrade enabled users to withdraw their pledged ETH.

According to newly disclosed on-chain data from Lookonchain, which examined ETH withdrawals following the Shanghai upgrade. According to the data gathered, “111,378 ETH, worth approximately $216.3 million, was withdrawn after the upgrade was completed.”

The final step in Ethereum‘s transition from proof of work (PoW) to the new PoS consensus mechanism was live just 13 hours ago. With the introduction of the Shanghai upgrade, Ethereum saw over 111,000 ETH withdrawn in under 24 hours.

According to Etherscan data, the total amount withdrawn has risen to more over 163,000 ETH. However, it still demonstrates that customers are both impatiently awaiting the upgrade and promptly taking advantage of the additional features provided.

“Currently, 19,869 validators (713,195 ETH) are awaiting a full withdrawal.” This amount, in particular, only accounts for 3.5%. According to several customers, partial ETH withdrawals are presently processed substantially faster than complete withdrawals.

Nearly 240,000 ETHs have been withdrawn; nearly 100,000 ETHs have been deposited; and currently 1.01 million ETHs are awaiting withdrawal; Kraken, whose staking service has been suspended by the SEC, accounts for 63%; Coinbase accounts for 11%; and Huobi accounts for 5.1%. Lido, which owns 31% of the company, has not yet authorized withdrawals.

Furthermore, many individuals believe that if too many users withdraw ETH after staking, ETH will fall back into a slump. However, the cryptocurrency is currently trading around $2,000, up 4.5 percent in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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