The recent Ethereum staking upgrade known as Shapella has had a significant impact on the cryptocurrency’s ecosystem. Not only has it led to over 1 million ETH being withdrawn, but it has also caused a surge in the price of the cryptocurrency. In this article, we will explore the details of the upgrade and its impact on the Ethereum network.

Ethereum Staking Upgrade Results in Over 1 Million ETH Withdrawn

According to data from beaconcha.in, over 1 million ETH has been withdrawn since the Shapella upgrade. The data shows that 491,037 withdrawals have been processed, with the highest withdrawal of 392,8012 ETH being processed on April 15th. Lido DAO is responsible for the majority of withdrawals, accounting for 25% of all processed withdrawals, followed by Binance at 8.11%.

Centralized exchanges such as Kraken, Coinbase, Binance, and Gemini are dominating the platforms awaiting withdrawals of their staked ETH. These platforms account for 78% of the entities waiting to withdraw their staked Ethereum. As of press time, these platforms want to withdraw 736,500 ETH due to regulatory troubles in the United States, forcing them to withdraw their assets to remain in compliance with the Securities and Exchange Commission (SEC).

Ethereum Price Surges to 11-Month High Following Upgrade

The Ethereum price has also seen a significant surge following the Shapella upgrade. For months, traders speculated whether the price of ETH would crash or rally after the upgrade. Now we know that the price took off after the first-ever enabling of crypto withdrawals from the blockchain’s staking mechanism.

The price of Ethereum blew past $2,000 on fresh enthusiasm that the success of the upgrade could lead to a surge in growth and investor interest. It has kept rising, gaining on four of the past five days and hitting a fresh 11-month high on Sunday, reaching $2,141. The ETH price is now up 77% year-to-date, still trailing behind the bitcoin (BTC) price gain of 83% in 2023, but catching up fast.

Conclusion:

The Shapella upgrade on Ethereum has resulted in significant withdrawals of staked ETH and a surge in the price of the cryptocurrency. While centralized exchanges dominate the platforms awaiting withdrawals, Lido DAO and Binance have been the top entities that have withdrawn their staked tokens. The success of the upgrade has led to fresh enthusiasm among investors, leading to a surge in growth and interest in Ethereum. It remains to be seen how this will impact the cryptocurrency market in the long run.