Staked Ethereum declines 3.8% as withdrawals cross 1M


CoinDesk Consensus

Ethereum (ETH) Four days after Shapella upgrade, more than 1 million ETH were withdrawn data.

according to data, withdrawn 1.04 million ETH from 491,037 processed withdrawals. The highest withdrawal was processed on April 15, when the validator removed his 392,8012 ETH from the beacon chain.

ETH withdrawn
Source: Beacon

On other days, over 150,000 ETH were withdrawn each.

Meanwhile, more ETH will be withdrawn in the coming days.according to unlock tokens, 866,850 ETH worth $1.81 billion are waiting for withdrawal from 471,370 validators.

lid top drawer

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

staked ethereum withdrawal
Source: Nansen

Binance followed, withdrawing 84,145 staked ETH. This corresponds to 8.11% of the ETH withdrawn. Other centralized entities such as bankrupt lenders Celsius, Figment and Satofisi are also among the top addresses that have withdrawn staked tokens.

Centralized exchange dominates pending withdrawals

Meanwhile, centralized exchanges — Kraken, Coinbase, Binance, and Gemini — dominate platforms waiting for staked ETH withdrawals.

pending withdrawal
Source: Nansen

crypto slate These platforms were previously reported to account for 78% of entities waiting for staked Ethereum withdrawals. At the time of writing, these platforms want to withdraw 736,500 ETH.

Recent regulatory issues in the US have forced these platforms to withdraw assets in order to remain compliant with the Securities and Exchange Commission (SEC).

Over 380,000 ETH deposited since Shapella upgrade

According to Token Unlocks, the staked ETH balance fell by 3.8% to 17.3 million ETH, despite investors depositing 380,420 ETH since the Shanghai hard fork.

staked ETH
Source: Unlocking Tokens

This means that staked ETH has decreased by 657,570 ETH ($1.36 billion) at the time of writing.

On the other hand, Lookonchain has several address When I withdrew my staked ETH, it was immediately re-staked. According to our on-chain research, 3 wallets out of the top 15 withdrawal addresses have re-staked 19,844 ETH.

Lookonchain also noted that some addresses that withdrew assets have sold assets. Investigators highlighted the three wallets she sent money to. 71,444 ETH to an unnamed centralized exchange.

ETH is one of the best performing digital assets since Shapella’s upgrade. Cryptocurrencies surged over 12% over the past week, pulling the broader market into the green run.

limewire token

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