Over 111,000 ETH worth $216.3M were withdrawn after Shapella upgrade shipped

By Selena On Apr 13, 2023

Lookonchain reports ETH withdrawals following the Shapella hard fork. A few hours earlier, it was reported that 111,378 ETH worth $216.3 million were removed when withdrawals were permitted.

This statistic has risen, as 139,948 ETH were withdrawn in 57,037 transactions at the time of writing. Only 19,869 validators (713,195 ETH) are currently waiting for a full withdrawal, accounting for 3.5%.

2.

Over 19.19M $ETH are currently staked on Beacon Chain, and the average price of $ETH staked is $1,964.

Since staking went live, 1M $ETH rewards have been generated. pic.twitter.com/Ry1VCeWveJ

— Lookonchain (@lookonchain) April 13, 2023

According to the report, partial withdrawals were processed far faster than full withdrawals. Binance, the cryptocurrency exchange, has announced in a new tweet that ETH 2.0 staking participants can redeem ETH with their BETH holdings on a 1:1 basis beginning April 19 at 8:00 UTC.

~70% of the ETH currently waiting for withdrawals are from Kraken who literally has to withdraw bc they are shutting down staking pic.twitter.com/OBFDfvYrjx

— Tom Dunleavy (@dunleavy89) April 13, 2023

Some anticipate that Shapella’s ETH redemptions may cause a wave of selling, putting downward pressure on the price of Ether. Ether now has a market value of around $241 billion, ranking second only to Bitcoin in terms of value. Nonetheless, it appears that deposits are outperforming withdrawals. Thus, the impact on price is minimal.

ETH/USD 4-hour chart | Source: TradingView

Before the article, ETH surpassed the $2,000 milestone, gaining 6% in the previous 24 hours. But at the time of writing, ETH is changing hands at $1,995. In the last seven days, cryptocurrency has gained 7%. Following the successful Shapella update, the market is looking for further moves in the ETH price.

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