Main navigation

1 Million Ethereum (ETH) Withdrawn Since Shapella, Here's How Price Reacted

Mon, 04/17/2023 - 12:28
article image
Tomiwabold Olajide
Ethereum network has seen significant withdrawals in last five days
1 Million Ethereum (ETH) Withdrawn Since Shapella, Here's How Price Reacted
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Shanghai and Capella upgrades, collectively known as Shapella, which enabled unstaking for the first time since ETH staking was introduced in December 2020, went live last week — precisely on April 12.

In general, the Ethereum network has seen withdrawals in the last five days, taken from the date of the Shapella upgrade. Colin Wu of Wu Blockchain reports that the total amount of Ethereum withdrawn as of April 17 at 10:00 a.m. UTC+8 surpassed 1 million, while 368,000 ETH were deposited.

Wu reported that the number of Ethereum waiting to be withdrawn is 892,000, with Kraken and Huobi contributing more to the pressure. Lido Exchange, which holds 33% of staked ETH, has not yet opened withdrawals.

On-chain analytics firm Lookonchain provides an in-depth analysis of the ETH withdrawals, including the amount truly sold off and the amount restaked.

According to Lookonchain, a total of 1,024,099 ETH worth $2.15 billion have been withdrawn. Of this, Lookonchain finds that 158,592 ETH worth $333 million were sold off after the Shapella upgrade.

Meanwhile, some addresses restaked ETH after withdrawing, with a total of 34,198 ETH worth $72 million staked.

Here's how ETH price reacted

Following the Shapella upgrade last week, the price of Ethereum (ETH) has remained stable. Ethereum surpassed the $2,000 threshold, peaking at $2,142 on April 16.

Since reaching a low of $1,369 on March 10, Ether has been steadily increasing in value. At the time of writing, ETH had increased slightly over the previous 24 hours to $2,083.

Ethereum (ETH) vs. Bitcoin (BTC) Chart Indication Might Mean This for Altcoins: Miles Deutscher

The Ethereum blockchain's successful upgrade provided better-than-anticipated Ether price movement. The market, however, continues to keep a look out on the Ethereum price to see if profit-taking ensues.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.