Cashing Out? Over 1M ETH ($2B) Withdrawn Since Ethereum’s Shanghai Upgrade

Sequel to the highly anticipated Shapella upgrade, over 1 million Ethereum have been withdrawn across all exchanges, accounting for 5.5% of the total staked Ether. According to reports, April 15 was the day with the highest daily withdrawal, as investors unstaked almost 393,000 ETH.

On April 12, the Ethereum network initiated the Shangai Upgrade, which allows users to cash out their staked Ether locked in since the Beacon-chain deposit in 2020. The event was highly spoken of, as analysts believed it would shape the price of Ethereum in the foreseeable future.

Users have continued to stake Ethereum despite throwing the gates open for withdrawals, with over 377,000 ETH deposited since the Shangai upgrade. With withdrawals now at 1.04 million, the net staking balance is at -658,000 ether.

Mild Staking Withdrawals

Investors are adamant about withdrawing their staked Ethereum, contrary to popular opinion of an incoming withdrawal tsunami after the upgrade. With over 18 million Ether staked, stakers have withdrawn only 5.5%, and the stats are going down by the day.

The total pending withdrawals fell from over $3 billion yesterday to below $2 billion. Only 903,000 ($1.89B) of the coin is pending withdrawals, and most of them are staking rewards. Estimated withdrawals in the next 11 hours are also dropping drastically, sitting at $36 million, down from $64 million earlier on Monday.

Crypto exchange, Kraken, spearheaded the withdrawal due to regulatory issues. The US-based firm agreed to shut down its staking services and pay a settlement fee of $30 million to the Securities and Exchange Commission in February, as the regulator termed its offering “unregistered.”

Ethereum Responded Well to Upgrade

The second biggest coin in the world followed reports as it responded greatly to the Shapella upgrade. Ethereum gained over 12% in the aftermath of the upgrade and is currently trading slightly below $2,100.

Ethereum touched $2,146 before a mild price rejection. The $5000 predicted by 63% of traders before the end of the year may be on the cards.