Staking value of ETH drops by $1,3 billion after the Shapella upgrade

Users withdrew a total of 1,05 million coins

17.04.2023 - 13:10

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What’s new? The total value of ETH tokens locked in staking decreased by $1,36 billion in four days after the Shapella upgrade on the Ethereum network. So, according to TokenUnlocks, 1,05 million coins (~$2,18 billion) have been withdrawn since April 13, and 404 900 (~841,38 million) have been deposited. In addition, ~9220 ETH worth $19,19 million will be withdrawn over the next 12 hours. A total of 17,27 million coins (~$36,09 billion) or 14,93% of the total asset supply is locked up in the deposit contract, excluding rewards.

TokenUnlocks’ data

What other data is known? As of April 17, 13:00 UTC, 915 090 ETH worth $1,9 billion are pending withdrawals from 476 450 validators. The asset is trading at $2081 on Binance, down by 0,58% overnight. Meanwhile, the rate rose by 11,9% for the week, according to aggregator CoinGecko.

On April 14, the crypto exchange Kraken equested the withdrawal of 551 000 ETH from staking. The platform previously agreed to stop providing staking services to US citizens in order to settle Securities and Exchange Commission (SEC) claims. After platform Lido Finance and crypto exchange Coinbase, Kraken ranks third in Ethereum staking assets, according to Dune Analytics. The companies’ shares are 30,91%, 12,65%, and 6,71%, respectively.

The upgrade allowing ETH to be withdrawn from staking was activated at 22:27 UTC on April 13. Glassnode analysts predicted that Shapella would not lead to increased selling pressure, while Bank of America experts called the upgrade insignificant, allowing for increased competition with other blockchain projects.

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