Ethereum: Kraken Leads $1.3 Billion ETH Withdrawal Post Shapella Upgrade
On Thursday, the Shanghai (Shapella) upgrade for Ethereum officially went live, enabling those who have staked their ETH to start the unstaking process.
Kraken is leading with 62% of the exit queue breakdown, with the number of validators in the exit queue now exceeding 15,000, as reported by Parsec Finance.
Nevertheless, the Ethereum protocol and token have been minimally impacted by the Shanghai upgrade, with on-chain data from Nansen.ai indicating that only a -0.25% change in staked ether has been withdrawn.
Recent data from Nansen suggests that the average value of staked ether on Lido is $2,552, while about 4.35 million ether or roughly 24%, is staked above $3,000.
As of writing, more than $1.34 billion in ether is pending withdrawal since the Shapella upgrade went live eight hours ago. Token.unlocks application reveals that 695,750 ETH is currently waiting to be withdrawn. An estimated $190 million is expected to be withdrawn in the next 11 hours, averaging $380 million in ether withdrawn per day since the upgrade.
Glassnode estimated that more than 1.1 million ether worth $2 billion in accrued validator rewards would be claimed following the Shapella upgrade.
It also suggests that validators might sell 170,000 ETH ($317 million) in the first seven days following the upgrade, which could have an acceptable impact on the price of ether.
Presently, 17.52 million ether is staked, representing 15.6% of the total ether supply. Since the upgrade went live, the net staking balance has reduced by 63,150 ether ($120 million), with approximately 67,710 ETH withdrawn and around 4,560 ETH deposited.