Ether, the native coin of Ethereum, has seen a 10% increase in value over the past 24 hours, currently trading above $2100 on various crypto exchanges. Meanwhile, the total amount of ether, including rewards, confirmed to withdraw, has exceeded $2 billion.
Pending Withdrawal Rises to $2.27 Billion
According to data tracking application tokens.unlock, 1.07 million ETH, worth $2.27 billion, is pending withdrawal as of 1 a.m. EDT. An estimated 53,050 ether, equivalent to $111.81 million, is set to be withdrawn in the next 11 hours, which creates an average of $223.54 million ETH withdrawn daily.
Notable Unstaking Efforts
Kraken, a centralized exchange, has initiated withdrawal requests for over 551,000 ETH ($1 billion) — the most notable unstaker of ether. Kraken’s efforts come as the exchange settles charges from the U.S. Securities and Exchange Commission, which fined the exchange $30 million for allegedly failing to register its staking program in the country.
Meanwhile, on the opposite end of the spectrum, a peer-to-peer staking pool deposited almost 50,200 ether yesterday.
Shapella Upgrade’s Impact
The Shapella upgrade implemented Ethereum Improvement Proposal 4895, allowing users and validators to withdraw their staked ether. Shapella is Ethereum’s first major change since last year’s Merge, which transitioned the protocol to a proof-of-stake consensus mechanism. The upgrade also optimizes Ethereum gas fees on certain transactions.
Source: TheBlock
