Kraken withdraws 330k ETH amid regulatory pressure – deposits outpace withdrawals in staking race

Kraken is leading the second wave of full-stakes Ethereum (ETH) withdrawals, according to Nansen’s dashboard.

Nansen data journalist Martin Lee said the US-based cryptocurrency exchange has withdrawn over 330,000 ETH. “There is another 175,000 ETH left, which is mostly principal withdrawals,” Lee added.

Source: Nansen

Since withdrawals were enabled, Kraken leads the table of entities withdrawing assets from the beacon chain. The exchange’s high withdrawal rate is influenced by regulatory pressure from the US Securities and Exchange Commission (SEC). The exchange paid a $30 million fine for failing to register its staking service with regulators.

Despite withdrawals, Kraken is one of the largest depositors on the beacon chain. The exchange still has around 935,488 ETH wagered at the time of writing.

Other entities withdrawing staked ETH

With the exception of Kraken, Lido DAO is responsible for most withdrawals. According to Nansen, the Liquid Staking platform accounts for his 25% of all processed withdrawals. Dashboard.

Withdrawal of staked ETH
Source: Nansen

Following Lido, Binance withdrew 91,190 stake ETH. This corresponds to 6.65% of the ETH withdrawn. Other centralized entities such as bankrupt lender Celsius and centralized exchange Huobi are also among the top addresses that have withdrawn staked tokens.

Meanwhile, the top three entities waiting for withdrawals are Binance, Coinbase and Kraken exchanges. The company wants to withdraw more than 60% of the 1.37 million ETH waiting for withdrawal.

deposits exceed withdrawals

Staking Ethereum deposits have outpaced withdrawals over the past few days, according to Nansen’s dashboard.

ethereum deposit
Source: Nansen

According to the dashboard, more than 100,000 ETH have been deposited in the last 24 hours, but less than 5,000 ETH have been withdrawn in the same period.

Post Kraken Withdraws 330k ETH Amid Regulatory Pressure – Deposits Surpass Withdrawals in Staking Race, First Appearance on CryptoSlate

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