- Ethereum price continues to trade above $2100.
- The withdrawal requests of ETH stakers are increasing.
Ethereum managed to surpass $2000 with the Shapella update. However, the pending withdrawal transactions have reached billions of dollars!
Withdrawal Requests for Ethereum are Increasing
The amount of staked Ethereum waiting to be withdrawn has exceeded $3.1 billion in total value. After Grayscale believed that Ethereum was “a bullish event,” the price of ETH rose above $2000 following the Shapella upgrade.
The total amount of pending withdrawal for Ethereum (including rewards) has exceeded $3 billion after the high-profile Shapella upgrade of the network. According to data, 1.48 million ETH worth $3.10 billion is currently waiting to be withdrawn.
The estimated value of ETH offered to users daily is $1.07 billion, and it is predicted that approximately 257,340 ETH ($536 million) will be withdrawn in the next 11 hours.
With the growth of the pending withdrawal queue, the price of ETH has increased despite the expectations of some analysts and short sellers. Ethereum (ETH) price is currently trading just above $2100. ETH price has experienced a 0.30% increase in daily candle.
How Much ETH is Currently Staked?
Currently, a total of 17.23 million ether, or a value of $35.95 billion, which corresponds to 15.34% of the total supply, is staked, excluding earned rewards.
The net staking balance is calculated to be approximately -103,600 ETH (-$204.04 million) as a result of 201,840 ETH being withdrawn and 98,240 ETH being deposited.
Historical Ethereum Statistics
Since the Shanghai hard fork, the net staking balance has been similarly seen as -112,110 ETH (-$228.72 million). During this period, a total of 325,900 ETH was withdrawn, and 213,790 ETH was deposited.
Kraken Leads in ETH Withdrawals
The most notable withdrawals of staked ETH are made by the centralized exchange Kraken. Kraken has initiated withdrawals exceeding 551,000 ETH (worth more than $1 billion) due to lawsuits filed by the US Securities and Exchange Commission for failing to register its staking program in the US.
Other centralized exchanges such as Coinbase and Binance have also allowed Ethereum unstaking withdrawals. Meanwhile, one of the recent peer-to-peer staking pools has deposited approximately 50,200 ETH.
According to the graph published by Grayscale, Kraken accounts for a significant portion of withdrawals as of April 13, according to Nansen data.
What is the Shapella Update?
The Shapella update is the first significant change since last year’s Merge, which transitioned the protocol to a proof-of-stake consensus mechanism, and was activated at block height 6209536 around 01:30 on April 13.
By implementing Ethereum Improvement Proposal 4895, the Shapella hard fork allows users and validators to withdraw their blocked ether. Additionally, the Shapella update increases the efficiency of Ethereum transaction fees for certain transactions.
