According to data from Token Unlocks, there has been a significant withdrawal of approximately one million ETH following the Shapella upgrade on April 12. However, the deposit of 370,000 ETH during the same period means that the staking balance has not seen a decline of one million.
Token Unlocks has calculated that the present staking balance has descended by 640,000 ETH, which could indicate that some of the unstated ETH is possibly returning to liquid staking platforms like Lido.
About the Ethereum Exodus
Based on recent data, it has been observed that the staked ETH balance on the Lido platform has undergone a significant increase of roughly 100,000 since the Shapella upgrade. At present, the balance stands at slightly over six million, with a market value of $12.6 billion. Furthermore, the Lido share of the total staked has risen to 34.7%.
This increase can be attributed to the fact that Lido has yet to enable withdrawals for its users. As per current prices, approximately 17.3 million ETH is still staked, valued at around $36 billion. The Nansen dashboard has reported a slowdown in the pace of Ethereum withdrawals, with only a deposit of 2,415 ETH on April 16, while there was a deposit of 3,008 ETH.
As per the analysis of industry expert Colin Wu, there is a significant amount of Ethereum (ETH) waiting to be withdrawn, which stands at an astonishing 892,000. Wu has also pointed out that the primary sources of these withdrawals are due to the regulatory factor of Kraken and the change in Huobi’s shareholders.
The U.S. Securities and Exchange Commission (SEC) has taken strict action against staking this year, starting with Kraken’s staking services. It is expected that Coinbase could be the next target of this crackdown. According to data from Nansen, Coinbase accounts for a notable 12.8% of the total Ethereum depositors, and approximately 2.37 million ETH has been staked on the platform.
ETH Price Overview
Throughout the entire weekend, the price of Ethereum has maintained its position above the psychologically significant $2,000 mark. During the Asian trading session on Monday morning, ETH reached a new high for the year of $2,129, although it has since experienced a slight decline.
As of the time of writing, ETH is trading at $2,098 and is still holding on to the gains it made last week. The asset has shown an impressive growth of 75% since the start of the year, which could signal the beginning of a new “altseason” in the markets. Despite this growth, the total market capitalization has remained steady over the last 24 hours, currently standing at $1.32 trillion.