Ethereum Withdrawals Surpass $3 Billion Since Shanghai Upgrade

SNEAK PEEK

• Since the implementation of the Shanghai Upgrade, there have been over $3 billion in confirmed withdrawals.
• The current number of deposits is approximately 17.23 million Ether.
• Several large depositors, including the peer-to-peer staking pool.

The amount of confirmed Ethereum (ETH) withdrawals and rewards has exceeded $3 billion since the launch of the Shanghai Upgrade, also known as the Shapella Upgrade.

Moreover according to token.unlocks, which ais data tracking website, ita has stated that more tha 1.48 million Ethereum approximated to be worth $3.10 billion is the amount of withdrawal s that is currently pending.

In the next 11 hours, individuals are estimated to withdraw a total of 292.25k Ether, equivalent to $610.32 million, while the daily usage of Ethereum is estimated to be $1.07 billion. The current number of deposits is approximately 17.23 million Ether, equivalent to $35.93 billion, indicating a decrease of 4.31%.

Investors have so far invested 17.23 million ether tokens, with a total value of $35.95 billion (or 15.34% of the entire supply). After deducting the entire number of ether withdrawals from the total amount of ether deposits, the net staking balance for the previous day was -103,600 ETH (-$204.04 million). There was an approximate withdrawal of 201,840 ether and a deposit of 98,240 ether.

Since the Shanghai hard fork was implemented, the net negative staking balance has stayed at -112,110 ETH (-$228.72 M). There were 325,900 withdrawals and 213,790 deposits over that time period.

Greyscale analysts predict that there could be a further increase in withdrawals within the Ethereum network in the near future. However, it’s important to note that this doesn’t necessarily indicate a selling pressure in the market. It’s possible that investors are simply switching to staking providers that offer higher yields.

Arkham tweeted that ETH2 withdrawals have been enabled for over 24 hours now since the upgrade was completed. 

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It’s been over 24 hours since ETH2 withdrawals were enabled.

Now that the upgrade has been completed, there have been some large depositors.

The largest was 0x4CA, a peer-to-peer staking pool – depositing almost 50.2K ETH on April 13th alone.

That’s $106M in 24 hours! pic.twitter.com/UNPJODIxo1

— Arkham (@ArkhamIntel) April 14, 2023

In this short period, several large depositors have made their transactions. Notably, the peer-to-peer staking pool, 0x4CA, made the largest deposit of almost 50.2K ETH on April 13th alone.

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• Source: https://investorbites.com/ethereum-withdrawals-surpass-3-billion-since-shanghai-upgrade/