Ethereum’s Pending Withdrawals Reaching Over $3 Billion After Shapella

Key Points:

• Ethereum has received a positive price signal after the Shapella upgrade.
• The number of coins waiting for withdrawal reaches more than $3 billion.

The new Ethereum Shapella upgrade resulted in the long-awaited release of staked ETH. Several experts predicted a drop in the market value of ETH, which resulted in a return to the previously set price range and a considerable rise in pending withdrawals.

After the network’s high-profile Shapella update, Ethereum’s total pending withdrawals, or the amount of ETH confirmed to withdraw, including prizes, have reached over $3 billion.

According to the data-tracking website token.unlocks, 1.48 million ETH worth $3.11 billion is now awaiting withdrawal.

The predicted daily amount of ETH dollar value accessible to customers is $1.09 billion, with 283,590 ETH expected to be withdrawn in the next 11 hours.

Coupled with a rising withdrawal queue, the price of ETH has surged after Shapella’s introduction, contrary to the forecasts of certain experts and short sellers. The native currency of Ethereum is now trading a little around $2100.

The current total amount of ETH staked, excluding earned prizes, is 17.23 million coins, accounting for 15.34% of the entire supply.

The net staking balance from yesterday is around -103,600 ETH (calculated by subtracting the entire amount of ETH removed from the total amount of ETH deposited). Roughly 201,840 ETH has been withdrawn, with a total deposit of 98,240 ETH.

During the Shanghai hard fork, the net staking balance has been -112,110 ETH (-$228.72 million), with 325,900 coins removed and 213,790 coins deposited.

According to Grayscale’s Matt Maximo and Michael Zhao, the withdrawal of staked ETH has been slower than planned.

“Although withdrawals might continue to grow in the near term, withdrawals do not necessarily signal selling, as users could be rotating validators or switching to staking providers that offer higher yields.”

The most notable withdrawal of staked ETH may be traced to the controlled exchange Kraken, which started withdrawals totaling more than 551,000 ETH worth more than $1 billion.

The conclusion of charges brought by the United States Securities and Exchange Commission charging Kraken of failing to register its staking program in the United States prompted Kraken’s unstaking activity. To resolve these claims, Kraken agreed to pay a $30 million fine.

Ethereum’s daily timescale chart suggested that it was trading over the $2,000 barrier at the time of writing, contradicting some experts’ projections. The price trend at press time reflected a favorable momentum.

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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Harold

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