Staggering Amounts of Ethereum Moved This Week After Shapella Rollout: Details

Recent analytics data shows that number of large ETH transfers sharply increased this week after major recent Ethereum upgrade

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Fri, 14/04/2023 - 15:20

Staggering Amounts of Ethereum Moved This Week After Shapella Rollout: Details

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IntoTheBlock on-chain data company has tweeted that, this week, it has noticed a steady increase in the volume of massive ETH transfers.

On April 9, the largest Ethereum transfer was 708,000 ETH, while yesterday, on April 13, the biggest transaction already carried 2.2 million ETH.

The volume of large #ETH transactions has been increasing steadily this week. From 708k $ETH on April 9th to over 2.2M $ETH yesterday https://t.co/VN2Nxw1H6C pic.twitter.com/TulGVyn84J
— IntoTheBlock (@intotheblock) April 14, 2023

This uprise in transactions was noticed after the recently implemented Shapella upgrade on Ethereum, which included the Shanghai upgrade. The latter now allows stakers to withdraw their ETH from the Beacon Chain deposit contract.

Ethereum (ETH) Reaches $2,000: Key Reasons Behind the Rise

According to data shared by Chinese crypto reporter Colin Wu, after the upgrade that was rolled out earlier on April 13, almost 240,000 Ethereum was withdrawn from the staking contract. Around 100,000 ETH was deposited to it and, at the moment, 1.01 million ETH is on hold to be withdrawn.

Nearly 30 hours after the Shanghai upgrade, nearly 240,000 ETHs have been withdrawn; nearly 100,000 ETHs have been deposited; currently 1.01 million ETHs are waiting to be withdrawn; Kraken, which staking service has been suspended by the SEC, accounts for 63%; Coinbase accounts…
— Wu Blockchain (@WuBlockchain) April 14, 2023

Thanks to the implemented upgrade, the price of the second largest cryptocurrency, Ethereum, surged to the $2,000 level, currently trading in the $2,100 zone.

#Ethereum News

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Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.