$1.6B in ETH Withdrawn After Ethereum’s Shapella Upgrade

  • Ethereum Shapella Upgrade: Ethereum has completed the Shapella upgrade, allowing stakers to withdraw their ETH. There are already more than 822,000 ETH requested for withdrawal, which translates to a value of more than $1.6 billion.
  • ETH Release Into Circulation: Token Unlocks estimated that around 88,000 ETH will be released into the market each day with an estimated value of over $330 million.
  • Price Rally Despite Withdrawals: Although many expected withdrawals to put significant sell pressure on Ethereum’s price, it has actually rallied by 7% and is now heading towards the coveted $2,000 resistance.

Ethereum Shapella Upgrade

The Ethereum Shapella upgrade was completed on Wednesday, April 12th and for the first time since the Beacon Chain contract was launched stakers were now able to place withdrawals for their staked ETH. Almost 90,000 ETH is expected to be released back into circulation each day as requests continue to increase in number. The amount of ETH requested for withdrawal has grown rapidly in under 24 hours and is currently valued at over $1.6 billion.

ETH Released Into Circulation

Token Unlocks have estimated that around 88,000 ETH will be released into circulation each day with an estimated value of over $330 million. This figure shows that there is still an incentive for stakers to keep their funds locked in order to reap higher rewards.

Price Rally Despite Withdrawals

Despite expectations that withdrawals would put significant sell pressure on the price of Ethereum, its trading volume grew by 55%, suggesting increased interest following the Shapella upgrade. The digital asset’s price also rose by 7%, with some believing it may soon break through the coveted $2,000 resistance level.

Long-Term Holder Rate Returns To 2021 Levels

Bitcoin’s long-term holder rate has returned to 2021 levels which could point towards a strong bullish sentiment among investors despite Etheruem’s large withdrawals entering circulation daily. This could bode well for other digital assets as investors turn their attention towards DeFi tokens which have been outperforming the markets recently.

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$1.6B in ETH Withdrawn After Ethereum’s Shapella Upgrade
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