Third round of ETH withdrawals sees roughly equal amounts of deposits: Data
|Ethereum staking withdrawals have entered their third “round,” but Ether (ETH $1,821) staking deposits have almost equaled them, according to the data from the analytics platform Nansen.
Ethereum staking withdrawals started ramping up for the third time on April 24 and into April 25. According to Nansen, the crypto exchange Kraken was responsible for a large portion of these withdrawals.
A “round” refers to the number of days taken to process partial withdrawals and rewards. Nansen says it currently takes just under four and a half days.
The last large batch of withdrawals on April 24 was a total of 61,608 ETH in principal and reward withdrawals. However, at the same time, there were 63,009 ETH deposits, reported Nansen.
This has resulted in zero change in the balance of staked ETH over the past 24 hours.
Ether deposits (shown in blue) since April 18. Source: Nansen
In February, Kraken was forced to halt its Ethereum staking services following enforcement action and a fine by the United States Securities and Exchange Commission, which accused it of selling unregistered securities.
As a result, much of the ETH withdrawn early on has been from Kraken wallets as assets get returned to stakers. According to Nansen, 2.3% of the total withdrawable ETH remains from Kraken.
Nansen currently reports there is a total of 632,651 ETH waiting in the pending withdrawal queue. At current prices, this is valued at around $1.16 billion.
Before the last wave of withdrawals commenced, Nansen reported an all-time high in the total amount of staked ETH. The figure hit 18,796,663 ETH valued at around $34.5 billion on April 24.
The current figure, which is slightly lower than this peak, represents 14.5% of the total Ether supply. Due to the EIP-1559 burning mechanism, the total supply has declined by 114,077 ETH (around $209 million) since the Merge in September.
Concerns over a massive exodus of staked Ethereum following the Shapella upgrade have been quashed. Token Unlocks is reporting that a total of 1.66 million ETH has been withdrawn since April 12, but 1.07 million ETH has been deposited, signaling there is still quite an appetite for staking Ether.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.