Data analysis indicates that about 300,000 ETH have been withdrawn in the hours that followed the Shanghai upgrade.
Withdrawals ensued after the Shanghai upgrade
The Shanghai upgrade was completed on April 12, with millions of ETH freed from the liquidity lockers. In the hours following the upgrade, there have been significant withdrawals of ETH.
Token unlocks data indicate that in the past 40 hours following the upgrade, about 292,000 ETH was already withdrawn. Interestingly, the number has been surging recently.
Based on the data, about 30 hours after the upgrade, the number of withdrawn ethereum stood at about 240,000.
Yesterday, the total number of tokens withdrawn from staking pools was merely 14,300. However, now, the number is a little shy of 300,000, indicating an accelerating trend.
Moreover, the data shows that about 1.13 million ETH tokens are awaiting withdrawal. The number of deposits has also increased after the upgrade. About 142,000 ETH tokens have been deposited within the period. Yesterday, the number of deposits stood at about 18,370.
The data also indicates that the number of ETH validators seemingly increased to 562.88 on April 12. However, since April 13, the number of validators took a nose dive and stood at 561.66k on April 14.
Statistics also indicate that 63% of the ETH withdrawn or pending withdrawals are held in Kraken. Kraken faces regulatory problems with the SEC suspending its staking services. Another 11% of the tokens withdrawn were held in Coinbase and 5.1% in Huobi.
Based on data from Dune analytics, over 31% of staked ethereum leverages the Lido network. However, based on reports, Lido has yet to open withdrawals for the tokens. Reports suggest that this platform is likely to open withdrawals in May.
ETH price action
ETH recorded positive price movements a few hours before the Shanghai upgrade.
After the upgrade, the coin continued with positive surges, surpassing $2,000 on April 13. On April 14, it further surged to about $2,100. The positive price action is because of the upgrade and the traffic on ETH.