Ethereum (ETH) Withdrawn After Shanghai (Shapella) Upgrade: Details

Ethereum (ETH) Withdrawn After Shanghai (Shapella) Upgrade: Details

Ethereum Shapella upgrade (Shanghai + Capella) was successfully triggered at epoch 194048 at 22.27 UTC on April 12 and finalized after 15 minutes. It enabled validators to withdraw their staked ETH from the Beacon Chain.

According to data, 18083.69 ETH withdrawals were processed on April 12 after the Shapella upgrade, with the first 5,413 ETH withdrawals in the epoch 194048.

Today, 30676.02 ETH withdrawals have been processed until now. The number of withdrawals processed reaches 17,389, with 48,840.88 ETH distributed in total after the Shapella upgrade.

According to the Beacon Deposit Contract, the chain has 18.16 million ETH worth $34.67 billion at the current price of $1,908.72. After the Shapella upgrade, the validators have decreased from 563,065 to 562,725 after continuous increases until the upgrade as a result of withdrawals by validators and platforms.

Staked Ethereum and Validators

According to TokenUnlocks, 2.51k ETH have been deposited in the Beacon chain and the total pending withdrawals are 462.58k ETH about $570 million. The number of ETH currently staked is 17.72 million ETH, excluding earned rewards.

Over 1.2 million ETH tokens worth almost $2.3 billion at current prices are expected to be withdrawn over the next five days.

According to Nansen, Huobi ranks first with 28.2% of the entities awaiting staked ETH withdrawals, followed by Others (19.4%), PieDAO (16.1%), Kraken 11.4%, and Heavy Dex Trader 0xa3d (10.3%).

Huobi’s large number of staked ETH withdrawals is related to the handover of new and old shareholders as per the sale of the exchange last year. Huobi founder Li Lin will make a handover, with some ETH first withdrawn and then deposited again.

Meanwhile, Kraken’s ETH withdrawals are in response to its settlement with the U.S. SEC regarding ending the crypto staking program and withdrawing all staked Ethereum associated with its U.S. customers.

ETH price is currently trading at $1,914, up 3% in the last 24 hours. The 24-hour low and high are $1,860 and $1,929, respectively. In contrast to some believing the ETH price will fall after the Shapella upgrade, the ETH price has increased.

Also Read: FTX Recovered $7.3 Billion In Assets; Attorney Confirms Relaunch In Q2

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Varinder Singh