The Ethereum Shapella upgrade, which enabled the withdrawal of staked ETH, was activated on April 12.
On-chain analytics firm IntoTheBlock provides an insight into what transpired on the ETH network in the last 10 days since the Shapella upgrade was activated. According to IntoTheBlock, 1.37 million ETH have already been withdrawn.
Withdrawals from Ethereum's Shapella upgrade staking contract have begun this week. 1.37M ETH has already been withdrawn and 650k ETH deposited, resulting in net withdrawals of 720k ETH. #Ethereum— IntoTheBlock (@intotheblock) April 22, 2023
Notably, this has not been the only side, as deposits have risen as well after the Shapella upgrade. IntoTheBlock notes that 650,000 ETH have been deposited. Taking this into account, the result is a net withdrawal of 720,000 ETH.
As reported, following the Ethereum Shapella upgrade, the share of deposits by staking providers has changed significantly. IntoTheBlock observes an unexpected staking share increase for institutional staking providers and Asian CEXs.
Meanwhile, after the successful Shapella upgrade, as reported by Wu Blockchain, Ethereum developers are planning for the next major upgrade per a new ACDC call.
Wu Blockchain reports that Ethereum developers are planning on launching their fifth devnet to test EIP 4844 in the upcoming week. Likewise, EIP 4788 and 3175 might be included in the upcoming upgrade.
Ethereum saw large dormant circulation spike before sell-off
Ethereum fell to lows of $1,824 on April 21 following a market-wide slump initiated on April 19.
Ahead of the sell-off, on-chain analytics firm Santiment noted major dormant movement on the Ethereum network, including two addresses that identically moved long-standing ETH that had been sitting for nearly five years.
On April 18, a pair of Ethereum addresses moved 150,000 ETH worth $297 million after holding these coins since late 2018. Both accumulated 150,000 ETH in November 2018, and both dumped their entire supply on the said date.