Over 1 million ETH withdrawn from staking after Shapella activation

The amount of Ethereum (ETH) withdrawn from staking since the activation of the Shapella hard fork has surpassed 1 million coins.

According to Token Unlocks, users withdrew 1.04 million ETH, while inflows into the deposit contract amounted to 377,620 ETH. The total balance of coins in staking at the time of writing fell by about 657,990 ETH, to around 17.3 million.

According to beaconcha.in, 487,549 withdrawal transactions have been executed.

Lookonchain analysts, after tracing some large withdrawals, found that part of them were immediately re-staked. This involved the owners of three addresses with a combined balance of 19,844 ETH, as well as a tranche of 13 wallets with 34,000 ETH.

However, 71,444 ETH, for example, were sent to centralised exchanges.

2.

A total of 1,024,099 $ETH ($2.15B) has been withdrawn.

Here are the top 15 withdrawal addresses:?

— 3 addresses re-staked $ETH after withdrawal, with a total of 19,844 $ETH.

— 3 addresses transferred $ETH to CEX after withdrawal, with a total of 71,444 $ETH. pic.twitter.com/CZ7zJXv3tm

— Lookonchain (@lookonchain) April 17, 2023

According to CoinGecko, trading volumes in Ethereum after the upgrade rose. However, this occurred amid a rise in the cryptocurrency’s price, which, as of writing, remains near $2,100. Trading activity on platforms has meanwhile returned to pre-upgrade levels.

According to Nansen, the leaders by expected ETH withdrawal volumes from staking are Kraken, Binance and Coinbase. However, the largest withdrawals from the deposit contract were by Lido, Binance and several large wallets.

Analysts at JPMorgan Chase and Fidelity Investments have diverged in their assessment of the potential impact of Shapella on Ethereum prices.