The Ethereum blockchain successfully underwent a Shapella upgrade on April 13, allowing validators to withdraw staked ETH from the beacon chain after three years. After seeing over 1 million ETH withdrawn in the first week, the amount of ETH staked now exceeds the amount of ETH withdrawn since the hard fork.
Data from on-chain analytics firm Nansen shows that more ETH is now staked than is required for withdrawals. As of April 17, the pledged amount of 124,000 ETH has exceeded the withdrawn amount of 64,800 ETH. Over the past 24 hours, the amount of ETH staked was 94,968, while the amount withdrawn was 27,076.
The Shapella upgrade is expected to be a defining situation for the Ethereum blockchain as the millions of ETH unlocked threaten to trigger a massive sell-off. However, contrary to what many may think, most validators are restaking their unlocked ether. Binance will open withdrawals on April 19th.
Of the 1 million ETH withdrawn, 3 addresses re-staked ETH for a total of 19,844 ETH. 3 addresses transferred ETH to the centralized exchange after withdrawal, and a total of 71,444 ETH were sent to different exchanges. According to data shared by Lookonchain, other whales have made similar moves, with some sending ETH to Huobi’s staking address and others to CEX.
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As reported by Cointelegraph