Ethereum Network Sees $1.4 Billion Outflows Following Shapella Upgrade

• Ethereum network witnessed $1.4 billion in outflows in the past week.
• Shapella upgrade hasn’t triggered a sell-off as anticipated by many.
• ETH has dropped to $1,935 after rising to $2,137 since the upgrade.

Ethereum has gone through some of the most significant upgrades recently. From the transition from the proof-of-work to the proof-of-stake consensus to the recent Shapella upgrade, the network has undergone numerous changes.

One of the most significant changes to the network after the Shapella upgrade is the ability to withdraw staked ETH. Even though the withdrawal option was stated to witness a major sell-off, ETH looked sturdy in terms of price.

However, recent data from TokenUnlocks reveals that there have been over $1.4 billion in withdrawals over the past week.

Staked Ethereum level drops by $1.4 billion

Updated data reveals that investors have withdrawn 1.36 million ETH and deposited only 728.34k ETH after the Shanghai upgrade. The net staking balance yesterday stood at 84.54k with 20.77k ETH withdrawn and 105.32k ETH deposited.

However, analysts had earlier predicted that there was less chance of a sell-off as the majority of the staked ETH is now at a loss.

The Shapella upgrade witnessed the price of ETH shoot up to over $2,137. However, the recent market sell-off has affected the price of Ether, which dropped by 2.3% in the last 24 hours. At press time, Ethereum is trading at $1,937, according to CoinMarketCap data.