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Beacon Chain ETH Withdrawals Reach 1 Million, Yet Staking Balance Remains Strong

 2 years ago
source link: https://cryptomode.com/beacon-chain-eth-withdrawals-reach-1-million-yet-staking-balance-remains-strong/
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The Ethereum Beacon Chain recently marked a significant milestone, with over 1 million ETH being withdrawn after the Shapella upgrade. Despite this, withdrawals have slowed down, and ongoing deposits are ensuring a stable staking balance.

Beacon Chain: A Million ETH Withdrawn, but Deposits Continue

The Token Unlocks dashboard data reveals that more than 1 million ETH has been withdrawn from the Beacon Chain since the Shapella upgrade on April 12. However, the staking balance hasn’t decreased by the same amount, as 370,000 ETH were deposited during this period.

The staked ETH balance on Lido has risen by approximately 100,000 since the Shapella upgrade, with the current total surpassing 6 million ETH, valued at $12.6 billion. Consequently, Lido’s share of the total staked amount has increased to 34.7%. This growth can also be attributed to Lido’s decision not to enable withdrawals for its users yet.

There are still 17.3 million ETH staked, with a value of around $36 billion at current market prices. However, Nansen’s dashboard indicates a decrease in the pace of Ethereum withdrawals, which dropped to 2,415 ETH on April 16, compared to 3,008 ETH deposited on the same day. 

As a result, the staking balance has declined by 640,000 ETH, according to Token Unlocks. This trend implies that some unstaked ETH is being reinvested into liquid staking platforms such as Lido.

Factors Affecting ETH Staking Withdrawals

Industry analyst Colin Wu reports that 892,000 ETH is still waiting to be withdrawn. According to Wu, regulatory factors involving Kraken and changes in Huobi shareholders are the main drivers of these withdrawals.

The U.S. Securities and Exchange Commission (SEC) has increased its scrutiny of staking services this year, targeting Kraken initially and potentially moving on to Coinbase next.

Nansen data shows that Coinbase accounts for 12.8% of Ethereum depositors, staking around 2.37 million ETH.

While the Ethereum Beacon Chain has seen over 1 million ETH withdrawn following the Shapella upgrade, the overall staking balance remains robust. Deposits continue to flow in, and platforms like Lido are experiencing growth in their staked balances. With the regulatory landscape evolving, the future of Ethereum staking remains an interesting topic to watch.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.


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