Over 1M Ethereum (ETH) Worth $2.1B Withdrawn Post Shapella Upgrade

• There have been a total of 1.03 million ETH withdrawn from 473,7000 withdrawal requests.
• Post the Shapella upgrade price of ETH has surpassed the $2100 mark.

In the first four days after the Shapella hard fork, more than one million Ether worth $2.1 billion were removed from Ethereum’s Beacon Chain, and the price of Ether went above $2,100 for the first time in 11 months.

There have been a total of 1.03 million ETH withdrawn from 473,7000 withdrawal requests, with the greatest single day being Saturday, April 15 with 392,800 ETH withdrawn. Nearly 87%, or 469,000 out of 540,000 active validators, may now withdraw their staked Ether.

Bulls Drive the Price

Even though opinions were divided within the Ethereum community over how Shapella would affect the price of the largest altcoin, the first four days had seen a nearly 10% increase.

The on-chain analytics company Nansen somewhat overestimated the number of Ether that will be removed from the Shapella platform in the first few days, estimating 1.4 million.

Confirming the same, just over a million ETH have been removed from the Beacon Chain since the Shapella update on April 12, according to the Token Unlocks dashboard.

A total of $370,000 was deposited at this time, hence the staking balance did not fall by $1M during this time. According to Token Unlocks, the current staking balance has decreased by 640,000 ETH as a result. The return of unstaked ETH to liquid staking platforms like Lido indicates this.

Since the Shapella update, the total amount of ETH that has been staked on Lido has climbed by roughly 100,000. Just over six million at a current $12.6 billion in value. In addition, Lido’s percentage of the total staked is now 34.7%. This is because Lido has not yet made withdrawals available to its consumers.