Nansen data shows the majority of ETH withdrawals in the most recent round were re-staked. Ethereum staking withdrawals are on their third “round,” but ETH staking deposits have nearly matched them.
- According to statistics from the analytics platform Nansen, Ethereum staking withdrawals have reached the third round.
Ethereum staking withdrawals increased for the third time on April 24 and 25. Kraken, a cryptocurrency exchange, was responsible for the majority of these withdrawals, followed by Coinbase and Huobi, among others, according to Nansen statistics.
The image above shows where ETH’s main withdrawals are coming from. The analytics platform claims that “at 870,688 ETH, Kraken and Coinbase account for the majority (78.3%) of the principal withdrawals so far.”
A “round” is the amount of time it takes to execute partial withdrawals and rewards. According to Nansen, it currently takes slightly under four and a half days.
On April 24, the last significant batch of withdrawals totaled 61,608 ETH in principle and reward withdrawals. However, there were 63,009 ETH deposits at the same time, according to Nansen. As a result, there has been no change in the balance of staked ETH over the last 24 hours.
Kraken was forced to suspend its Ethereum staking services in February after the US Securities and Exchange Commission took enforcement action and fined it for selling unregistered securities.
As a result, much of the early ETH withdrawn was from Kraken accounts as assets were returned to stakers. According to Nansen, Kraken still holds 2.3% of the total withdrawable ETH.
Over 18 million ETH are currently waiting in the pending withdrawal queue, with over 19 thousand validators awaiting full withdrawal.
Speculations that a big outflow of staked Ethereum will occur as a result of the Shapella upgrade have been dispelled. According to Token Unlocks, a total of 1.66 million ETH have been withdrawn since April 12, yet 1.07 million ETH have been deposited, indicating that there is still a strong desire to stake Ether.
Featured image: Shutterstock
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.