Kraken Takes the Lead in ETH Withdrawals After Shanghai Upgrade

Kraken, the US-based cryptocurrency exchange, has taken the lead in withdrawal orders for Ethereum (ETH) following the Shanghai upgrade, accounting for 75% of the total withdrawals from the entire market. Previously, Huobi was in the lead, with Kraken holding only about 12.5%. However, this figure has quickly skyrocketed to 63.3%, Nansen data show.

Source: Nansen

According to the exchange’s statement, Kraken began supporting its investors’ ETH withdrawals immediately after the completion of the Shanghai upgrade. The remarkable increase in the number of withdrawal orders has reduced the market share of other exchanges such as Huobi, Cream, PieDAO, independent validators, etc. to only 6%.

The latest update on the ETH unlocking situation after Shanghai shows that 102,400 ETH has been released into the market, with over 700,000 ETH and more than 19,000 validators waiting in the queue for asset withdrawal.

Experts believe that the Shanghai upgrade will not have a significant impact on the Ethereum ecosystem or ETH prices. According to a study by CryptoQuant, up to 60% of ETH stake in the blockchain is currently in a loss position. Therefore, the selling pressure from this event is insignificant, and if there is any impact, it will only be a portion of the staking rewards rather than the entire capital and profit.

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