Over 62,000 ETH Withdrawn from Staking Post-Shanghai Upgrade
Just over five hours after the Shanghai hard fork was implemented, more than 62,000 ETH have been confirmed as withdrawn from Ethereum’s Beacon Chain and returned to the market.
Over 61,000 ETH Released to the Market Post-Shanghai Upgrade
As reported by Coin68 earlier today, the highly anticipated Ethereum upgrade, Shanghai, was successfully activated at epoch 194,048 at 05:27 AM (Vietnam time) on April 13, 2023, as per the scheduled timeline.
Shanghai (also known as Shapella) has garnered attention due to its update unlocking a significant amount of ETH that validators had staked since 2020. There have been various predictions about how this major event might impact the ETH price.
As of approximately five hours post-hard fork, data from Beaconcha.in indicates that more than 62,000 ETH have been withdrawn from the chain, equivalent to over $118 million based on the current exchange rate.
ETH Withdrawn from Staking as of 11:00 AM, April 13, 2023. Source: Beaconcha.in
However, according to Nansen, there are still 623,413 ETH (out of a total of 19,247,680 ETH including rewards) awaiting withdrawal in the queue, with 17,357 validators (out of 567,144) confirming their requests.
Validator Withdrawal Queue Statistics as of 11:00 AM, April 13, 2023. Source: Nansen
Ethereum's withdrawal mechanism processes 16 requests every 12 seconds, so about 1,800 validators per day can fully withdraw their staked ETH, totaling 57,600 ETH. Thus, completing the unlocking of the remaining ETH will take additional time.
Interestingly, according to Nansen, the largest share of ETH staking withdrawals is attributed to Huobi, accounting for 27.8%, followed by independent validators at 19.2%, PieDAO at 15.9%, Heave Dex Trader 0xa3d at 10.2%, and Kraken at 12.5%, among others.
In contrast, major players like Lido Finance, Coinbase, and Binance—who are among the largest ETH staking service providers—have not yet shown significant signs of reclaiming their substantial market share.
The ETH price has remained relatively stable since this morning, hesitating around the $1,915 mark.
1H Chart of ETH/USDT on Binance at 11:10 AM, April 13, 2023
