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Ether Staking Withdrawals Surge for The Third Time After the Shanghai Upgrade

Ether Staking Withdrawals Surge for The Third Time After the Shanghai Upgrade

On April 24th, the total amount of staked Ether reached its all-time high of 18,879,775 ETH.

Nansen, a blockchain data and research firm, revealed that Ether (ETH) staking withdrawals reached their third surge since the Shanghai upgrade.

The third wave started on April 24th and continued into April 25th, with cryptocurrency exchange Kraken being responsible for the majority of these withdrawals.

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According to Nansen's report, crypto exchanges Kraken and Coinbase currently account for over 78% of withdrawals, worth 870,688 ETH.

It is worth noting that in February, Kraken had to suspend its Ethereum staking services due to enforcement action and a fine from the US Securities and Exchange Commission (SEC). The US securities regulator accused Kraken of selling unregistered securities.

Therefore, a considerable portion of the early ETH withdrawals came from Kraken wallets, as assets were returned to stakers. Nansen states that Kraken still has around 2.3% of the total withdrawable ETH.

On April 24th, the largest batch of withdrawals consisted of 61,608 ETH in principal and reward withdrawals. Simultaneously, Nansen reported 63,009 ETH deposits, resulting in no change in the balance of staked ETH within the last 24 hours.

Currently, 632,651 ETH (worth around $1.16 billion) are waiting in the pending withdrawal queue. Before the latest wave of withdrawals began, on April 24th, Nansen reported that an all-time high in the total amount of staked ETH reached 18,879,775 ETH.

The current figure represents 14.5% of the total Ether supply. The EIP-1559 burning mechanism has caused the pool to drop by 114,077 ETH (about $209 million) since the Merge in September.

Fears of a massive staked Ethereum departure after the Shanghai upgrade have been dispelled. Token Unlocks indicates that 1.66 million ETH have been withdrawn since April 12th, while 1.07 million ETH have been deposited, demonstrating continued interest in staking Ether.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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