The world’s largest Bitcoin exchange, Binance, has activated the withdrawal function from Ethereum staking.
#Binance has enabled the withdrawal function for ETH 2.0 staking.
For more details on how to redeem $ETH with your $BETH holdings, read our previous announcement below.
— Binance (@binance) April 19, 2023
Users can seamlessly convert the synthetic asset BETH into ETH at a 1:1 ratio. The platform also opened commission-free trading in BETH/ETH and BETH/USDT pairs. The offer runs until May 10.
According to Nansen data, Binance clients’ staking deposits account for 5.5% of the total, ranking fourth among identified sources.
The service notes that users on the centralized exchange also placed 192,074 ETH on the withdrawal waitlist — 20% of the total volume.
The latter, including rewards, stands at 18.78 million ETH, representing 14.5% of the cryptocurrency’s supply.
The average price of staking coins was $2,137.
On April 19, Ethereum fell below the $2,000 level. Bitcoin fell below $28,000.
In April, the daily inflow into ETH staking for the first time since the activation of the Shapella hard fork exceeded the withdrawal volume.