Ethereum

April

Beacon

<p>Ethereum had its <a href="https://www.cryptopolitan.com/ethereums-shapella-upgrade/" data-type="post" data-id="288845">Shapella Hard Fork</a> last week, and so far, over 1 million Ether (ETH), valued at $2.1 billion, has been withdrawn from Ethereum&#8217;s Beacon Chain within the first four days of the Shapella hard fork, pushing the price of Ether over $2,100 for the first time in 11 months.</p>



<h2 id="a-surge-in-increased-staking-and-withdrawal-requests">A surge in increased staking and withdrawal requests</h2>



<p>It is essential to know that the 1.03 million ETH withdrawals resulted from 473,700 withdrawal requests, with April 15 being the largest withdrawal day at 392,800 ETH, <a href="https://beaconcha.in/validators/withdrawals" rel="nofollow noopener" target="_blank">according to data</a> from beaconcha.in.</p>



<p>Nearly 87% of the active validators, or 469,000 out of 540,000, can now withdraw their staked Ether. The first four days of Shapella have yielded close to a 10% rise in Ether&#8217;s price, despite the Ethereum community being divided on its potential impact.</p>



<figure class="wp-block-image size-full"><img width="828" height="468" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316.png" alt="image 316" class="wp-image-291229" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316.png 828w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-300x170.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-768x434.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-24x14.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-36x20.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-48x27.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-316-150x85.png 150w" sizes="(max-width: 828px) 100vw, 828px" /><figcaption><em>The Shapella upgrade, implemented on April 12th, caused ETH to surge by around 9%.</em> <em>Source: CoinGecko</em></figcaption></figure>



<p>The Shapella hard fork is expected to ultimately increase the amount of Ether staked, strengthening Ethereum at the consensus level. This can be attributed to Shapella being a de-risking event and more ETH being staked.</p>



<p>According to expert analysts, the <a href="https://www.cryptopolitan.com/kraken-largest-ether-withdrawal-request/" data-type="post" data-id="290409">closure of Kraken&#8217;s staking services </a>may have contributed to the higher figures. The large amount of un-staked Ether from Kraken is expected to be &#8220;recycled&#8221; back into the Beacon Chain through other entities.</p>



<h2 id="shapella-to-attract-more-institutional-investors">Shapella to attract more institutional investors</h2>



<p>Even though the positive price action of ETH is expected to cool off this week due to increased selling pressure, Shapella is expected to attract more institutional investors to stake in the Ethereum network.</p>



<p>The 1 million ETH milestone marks a 500% increase from Glassnode&#8217;s April 11 prediction, which estimated only 170,000 Ether to be un-staked after Shapella&#8217;s first week. On-chain analytics firm Nansen predicted that 1.4 million Ether would be withdrawn within the first few days of Shapella, slightly overshooting the actual figure.</p>

Shapella hard fork triggers 1 million ETH withdrawals; price reaches 11-month high

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