- Following the Shapella upgrade in Ethereum, staking value reached a record high.
- Institutional and large investors continue to use staking services.
The Shapella upgrade in Ethereum has increased staking. Despite withdrawal transactions, institutions are showing interest.
Staking Increases Following Shapella in Ethereum!
The long-awaited Shanghai upgrade in the Ethereum (ETH) ecosystem has finally happened. Following this upgrade, which enabled the withdrawal of staked ETH, staking activity on the platform not only saw an increase, but also recorded record-breaking results.
According to the data dashboard created by digital asset investment company 21Shares and acquired by CoinOtag in April, the Ethereum network received 571,950 ETH entries in the week of April 17.
ETH Staking Activities
Specifically, according to the graph, staking activity has visibly increased in recent weeks and recorded the highest daily number on April 24 (126,080 ETH staked).
Institutional Interest
According to the data, this increase is largely driven by institutional staking service providers and large investors who want to reinvest their rewards after withdrawal transactions.
ETH Deposit Transactions
Freddy Zwanzger, Ethereum ecosystem leader at blockchain infrastructure platform Blockdaemon, had predicted the increase in interest following Shapella. As he previously told CoinOtag, large professional investors would be interested in Ethereum staking opportunities because they would have a clear option to withdraw their money:
“There will probably be a queue for the first few weeks. (…) So it might be better for them to wait until things return to normal levels.”
