The next phase of Ethereum staking withdrawals is underway and the outflow is predominantly due to Kraken.
Following a lull this week, staked Ethereum withdrawals have ramped up again. The pending withdrawal queue is being processed, and a large chunk of it is down to the Kraken crypto exchange.
At the time of writing, that queue had been processed, and withdrawals had dropped back to their previously low levels, with deposits outpacing them.
Second wave of full withdrawals underway so you’re definitely wondering who’s behind it and if it’s concerning
It’s Kraken, with over 330K ETH in full withdrawals. Another ~175K in ETH left which is largely principal withdrawals. pic.twitter.com/iLmf7AHKWx— Martin Lee | Nansen(@themlpx) April 20, 2023
Ethereum Withdrawals Stabilize
According to the Nansen dashboard, there has been 212,528 ETH withdrawn over the past 24 hours. However, with 103,823 ETH deposited, the net balance is -108,705.
Furthermore, over the past few hours, deposits have been outpacing withdrawals once again. However, there are still 853,138 ETH valued at $1.66 billion in the pending withdrawal queue.
It appears that some of the withdrawn ETH are being re-deposited in liquid staking platforms. Lido’s total value locked in ETH has increased slightly since the Shapella upgrade, but the platform has yet to enable withdrawals for its users.