Ethereum

Bitcoin

April

Ethereum successfully implemented a long-awaited tech upgrade on April 12.
Also known as Shapella &#8211; this upgrade enabled withdrawals for the first time from the proof-of-stake blockchain.
A week later, the amount of staked Ether has now exceeded the number of ETH being withdrawn for the very first time.
<ul>
<li><a href="https://query.nansen.ai/public/dashboards/Hk93n66vsO0uvycfui8ypF2xcpNhpraxfwX5AWZJ" data-wpel-link="external" target="_blank">According</a> to the on-chain analytic platform Nansen, withdrawal requests have taken a backseat while Ether is being staked at a fast pace. As of April 17th, the amount of ETH staked was recorded to be 124,000. This is almost double of ETH withdrawal which stands at 64,800.</li>
<li>Over the past day alone, almost 95,000 ETH has been staked. Contrastingly, a little over 27,000 ETH was withdrawn during the same timeframe.</li>
<li>Several whale accounts also have contributed to the trend. <a href="https://twitter.com/lookonchain/status/1647833614791618563" target="_blank" rel="noopener" data-wpel-link="external">Data</a> from Lookonchain suggests that a number of whales have started restaking a notable quantity of ETH that they withdrew when the <a href="https://cryptopotato.com/what-is-the-ethereum-shanghai-shapella-upgrade-everything-you-need-to-know/" data-wpel-link="internal">Shapella upgrade</a> went live.</li>
<li>Whale restaking further eliminates the previous concerns about a potential sell-off as a result of market flooding with millions of unlocked ETH. Additionally, the locking of the tokens creates scarcity.</li>
<li>It has now over 18.6 million ETH, worth $36 billion, locked in staking contracts.</li>
<li>The withdrawals hit 1 million ETH in the first week alone, but the exodus slowed down.</li>
<li>Lido Finance accounted for 30.9% of Ethereum depositors, followed by Coinbase with 12.7%, Kraken with 6.9%, and Binance with 5.5%, among others.</li>
<li>News of the implementation helped Ethereum <a href="https://cryptopotato.com/ethereum-eth-tapped-new-11-month-high-bitcoin-btc-slips-below-30k-market-watch/" target="_blank" rel="noopener" data-wpel-link="internal">climb</a> an 11-month high above $2,100. The world&#8217;s largest altcoin even outperformed Bitcoin to register the new local peak.</li>
</ul>
The post <a href="https://cryptopotato.com/thats-a-first-after-shanghai-ether-staked-volume-exceeds-withdrawals/" rel="nofollow">That&#8217;s a First After Shanghai: Ether Staked Volume Exceeds Withdrawals</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

That’s a First After Shanghai: Ether Staked Volume Exceeds Withdrawals

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