According to the Token Unlocks panel, just over one million ETH was withdrawn from the Beacon Chain following the Shapella upgrade on April 12.
However, the bet balance has not decreased by one million because 370,000 were deposited in the same period.
Therefore, the current stake balance has decreased by 640,000 ETH, according to Token Unlocks.
This suggests that some of the unstaked ETH is returning to liquid staking platforms like Lido.
Ethereum betting exodus slows down
The balance of ETH staked on Lido has increased by around 100,000 since the Shapella update. It is now just over six million, valued at $12.6 billion. In addition, the participation of Lido in the total bet has increased to 34.7%. This is also due to the fact that Lido has not yet enabled withdrawals for users of the platform.
There are currently 17.3 million ETH still staked, valued at around $36 billion at current prices.
Nansen’s dashboard shows a slowdown in the pace of Ethereum withdrawals, which fell to just 2,415 ETH on April 16, when 3,008 ETH were deposited.
1/ A brief introduction to Ethereum’s withdrawal mechanisms, how to make sense of withdrawal data, key metrics to analyze and misconceptions to avoid.
Mainly referencing @nansen_ai but will also share alternative sources whenever appropriate. pic.twitter.com/5I94dG8SKX
—Martin Lee | Nansen 🧭 (@themlpx) April 16, 2023
industry analyst Colin Wu, reported that there are 892,000 ETH waiting to be withdrawn. “Kraken’s regulatory factor and Huobi’s shareholder change are the main sources of withdrawals,” he said.
The US Securities and Exchange Commission has cracked down on gambling this year. It targeted Kraken staking services first, and Coinbase could be its next victim.
According to Nansen, Coinbase represents 12.8% of Ethereum depositors, with around 2.37 million ETH staked.
ETH Price Outlook
Ethereum prices have been holding above the psychological barrier of $2,000 over the weekend. ETH reached a fresh 2023 high of $2,129 during the Asian trading session on Monday morning, but has pulled back slightly since then.
At the time of writing, ETH was trading at $2,098, holding onto last week’s gains. The asset has achieved an impressive 75% since the beginning of the year and could be leading the markets into a new “high season”.
Total market capitalization has been flat for the past 24 hours at $1.32 trillion.
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This post Ethereum staking withdrawals are slow after initial exodus of 1M ETH
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