Ethereum staking withdrawal queue surpasses 1 million ETH

As Ethereum trades above $2,100, the number of pending withdrawals from staking funds has reached 1.09 million ETH (~$2.31 billion).

According to Token Unlocks, over the next 12 hours withdrawals are projected to total about 48,380 ETH for a value of $102.3 million.

Excluding rewards in the deposit contract, 17.39 million ETH (~$36.73 billion) are locked. This volume accounts for 15.4% of the coin’s total supply.

On April 13, withdrawals from staking totaled 14,300 ETH, while deposits stood at 18,370 ETH.

However since activation of the Shapella hard fork, the aggregate balance has been negative — a deficit of almost 147,970 ETH. Outflows totaled 256,820 ETH, while inflows were less than half that amount (108,940 ETH).

The leader by the amount of withdrawals expected remains the American exchange Kraken, with a total of 556,237 ETH (~$1.18 billion), according to Nansen.

In February, the company settled the allegations brought by the U.S. Securities and Exchange Commission (SEC) regarding the staking program. Kraken agreed to discontinue the product offering and pay a $30 million fine.

Coinbase likewise faced similar SEC claims. The exchange expects withdrawals of 94,750 ETH (~$201 million).

Ethereum quotes over the past 24 hours have risen by more than 10% (CoinGecko). At the time of writing, the coin was trading around $2,113.

Analysts at JPMorgan Chase and Fidelity Investments have differed in their assessments of Shapella’s potential impact on the price of the second-largest cryptocurrency.