Ethereum Staking Deposit Outnumbers Withdrawal

• Coinbase has the most staked deposits, with over 55,000 ETH ready to be withdrawn.
• More addresses are depositing Ethereum than are withdrawing it.

After waiting for the Shanghai update, Ethereum stakers may now make withdrawals. Since the staking option was initially unveiled in December 2020, several people had been holding out in anticipation. The fact that Kraken’s U.S. staking clients seem to have been more or less drained from the system is perhaps the most significant revelation made by the event.

This is because the cryptocurrency exchange was hit with regulatory action in February, leading it to pay a $30 million settlement to the SEC and end its staking activities for U.S. customers.

Coinbase has the most staked deposits, with over 55,000 ETH ready to be withdrawn. The second most significant finding is that more addresses are depositing Ethereum than are withdrawing it. This means that the net quantity of Ethereum being staked is positive.

Earning Additional Payout

At today’s values, it works out to around $189 million USD, or 97,586 ETH. This indicates that there is still a lot of enthusiasm for staking using Ethereum and earning an additional payout in ETH.

Some market watchers see this as positive for the asset since fewer Ethereum will be traded on the open market after it is fully locked up for staking purposes. Finally, the improvement is continuing to be a tremendous boost for Lido Finance, the market leader in liquid staking.

Nansen claims that the 6 million Ethereum staked by Lido constitutes 79% of the whole market of organizations tracked. Coinbase comes in second position, capturing 15% of the market.

According to CMC, the Ethereum price today is $1,911.33 USD with a 24-hour trading volume of $6,708,512,867 USD. Ethereum is up 1.38% in the last 24 hours.