Ethereum Pending Withdrawals Surpass $3B after Shanghai Upgrade. The amount of staked ether to be withdrawn has risen to over $3 billion since the deployment of Shanghai Upgrade.
- The total value of staked ether waiting to be withdrawn has topped $3 billion.
- Currently, there are approximately 17.23 million Ether deposits.
Since the implementation of the Shanghai Upgrade, also known as the Shapella, the total amount of confirmed ETH withdrawals and incentives has surpassed $3 billion.
According to the data-tracking website token.unlocks, 1.48 million ether worth $3.10 billion is now pending withdrawal.
The estimated amount of ether available to users every day is $1.07 billion, with an estimated withdrawal of 257,340 ether ($536.95 million) during the next 11 hours.
Along with a growing withdrawal queue, the price of ether has risen following Shapella’s introduction, contrary to the speculations of analysts. As of this writing, ETH is worth $2,091.
So far, investors have invested a total of $35.95 billion in ether tokens, accounting for 15.34% of the total supply. The previous day’s net staking balance was -103,600 ETH (-$204.04 million) after subtracting the total amount of ether withdrawals from the total amount of ether inputs. There was a total of 201,840 ether withdrawn and 98,240 ether deposited.
During the Shanghai hard fork, the net staking balance was -112,110 ETH (-$228.72 million), with 325,900 coins removed and 213,790 coins invested.
The most notable withdrawal of staked ether may be traced to the centralized exchange Kraken, which launched withdrawals totaling 551,000 ETH (worth more than $1 billion).
Kraken’s unstaking activities were spurred by the outcome of allegations brought by the United States Securities and Exchange Commission charging Kraken with failing to register its staking business in the United States. Kraken agreed to pay a $30 million penalty to settle these claims.
Withdrawals of staked ether have been slower than anticipated since the Shanghai upgrade. Although ETH withdrawals may continue to rise in the near term.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.