Data analysis indicates that around 300,000 ETH was withdrawn in the hours following the Shanghai update.
Recalls Occurred After Shanghai Update
The Shanghai update was completed on April 12, with millions of ETH released from liquidity lockers. In the hours since the update, there have been significant withdrawals from ETH.
unlock tokens data they indicate that in the last 40 hours after the update, around 292,000 ETH have already been withdrawn. Interestingly, the number has increased recently.
According to the data, about 30 hours after the update, the number of ethereum withdrawn was about 240,000.
Yesterday, the total number of tokens withdrawn from staking pools was only 14,300. However, now, the number is slightly below 300,000, indicating an accelerating trend.
Furthermore, the data shows that around 1.13 million ETH tokens are waiting to be withdrawn. The number of deposits also increased after the update. Around 142,000 ETH tokens have been deposited within the period. Yesterday, the number of deposits stood at about 18,370.
The data also indicates that the number of ETH validators apparently increased to 562.88 on April 12. However, since April 13, the number of validators has plummeted and stood at 561.66k on April 14.
Statistics also indicate that 63% of ETH withdrawn or pending withdrawals are on Kraken. Kraken is facing regulatory issues with the SEC suspending its staking services. Another 11% of the withdrawn tokens were on Coinbase and 5.1% on Huobi.
based on data from Dune Analytics, more than 31% of Ethereum staked leverages the Lido network. However, according to reports, Lido has yet to open withdrawals for the tokens. Reports suggest that this platform is likely to open withdrawals in May.
ETH Price Action
ETH posted positive price movements a few hours before the Shanghai update.
After the update, the coin continued with positive increases, surpassing $2,000 on April 13. On April 14, it rose further to around $2,100. The positive price action is due to the upgrade and traffic in ETH.
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