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Ethereum: Pending Withdrawals Exceed $2 Billion After Shapella Upgrade

Ethereum: Pending Withdrawals Exceed $2 Billion After Shapella Upgrade

The total amount of ETH confirmed for withdrawal, including rewards, on the Ethereum network has exceeded $2 billion after the Shapella upgrade.

Token.unlocks data shows that around 978,000 million ETH, worth $2 billion, is pending withdrawal.

Users can access an estimated $1.07 billion in ether daily, with an anticipated 88,440 ether ($185 million) to be withdrawn in the next 11 hours.

Despite a growing withdrawal queue, ether’s price has increased above $2100 since Shapella’s implementation, which has surprised some analysts and short sellers.

Currently, 17.27 million ETH ($36 billion), accounting for around 15.3% of the total supply, is staked on the network, with a net staking balance of roughly -594,460 ETH (-$1.22 billion).

Kraken recently settled charges with the U.S. Securities and Exchange Commission and withdrew staked ether by initiating withdrawals exceeding 551,000 ETH (valued at over $1 billion).

READ MORE: Cardano Takes a Step Closer to Scaling with ZK-rollups on the Horizon

Meanwhile, a peer-to-peer staking pool recently deposited almost 50,200 ether. The Shapella update enables users and validators to withdraw their staked ether and enhances the efficiency of Ethereum gas fees for specific transactions.

According to analysts at Grayscale, withdrawals have been slower than expected and do not necessarily indicate selling, as users may be switching to staking providers that offer higher yields.

They believe that the Shapella update is a bullish event for Ethereum and could boost the baseline demand for ETH by reducing staking risks.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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