Ethereum staking release after Shapella implementation, total amount exceeds 1 million ETH

ETH withdrawal amount exceeded 1 million ETH

Since the Ethereum Blockchain implemented a major upgrade “Shapella”, the total amount of crypto assets (virtual currency) Ethereum (ETH) withdrawn from staking contracts has exceeded 1 million ETH. (as of the 18th).

The Shapella upgrade, which took place on April 13 at 7:27 Japan time, made it possible for the first time to withdraw ETH that had been locked in staking that started in late 2020.

Despite temporary selloff fears, Ethereum’s price has surged 9.1% over the past week and is currently trading at around ¥280,000 ($2,083).

According to the data site token.unlocks, the staking balance has decreased by 598,000 ETH for 5 days after Shapella. The deposit and withdrawal status of ETH is as follows (as of 9:30 on the 18th).

• Total withdrawals: 1060,000 ETH
• Waiting for withdrawal (including rewards): 921,000 ETH
• Expected withdrawal in next 11 hours: 10,250 ETH
• Number of new deposits: 460,000 ETH


Hourly ETH withdrawal amount (yellow: full withdrawal, orange: partial withdrawal) Source: Token.unlocks

According to data site Nansen, the “total amount of staking ETH including rewards” is 18,631,689 ETH. Of these, 907,795 ETH is recorded as “waiting for full withdrawal” (as of 9:30 on the 18th).



Hourly ETH deposit/withdrawal volume (Blue: Full withdrawal, Orange: Withdrawal) Source: Nansen

By entity (organization), US cryptocurrency exchange Kraken accounts for 43.6% (400,000 ETH) of ETH waiting for withdrawal. In February 2011, Kraken was sued by the U.S. SEC (Securities and Exchange Commission) for violating U.S. securities laws (unregistered securities) for providing staking services, and was forced to stop providing services to U.S. customers.

In addition, Coinbase, the largest US exchange issued a Wells notice (warning letter) by the SEC, accounts for 13.6% (124,000 ETH). will re-stake using other services. In the field of liquid staking derivatives (LSD), the total amount of staking ETH has been on an upward trend over the past seven days, with Lido, which holds the top share, increasing by 1.45% (83,696.8 ETH).



Source: DUNE

connection:Explaining “LSD (Liquid Staking Derivatives)” that enables operation while staking Ethereum

Partial and full withdrawals

Until now, most of the withdrawals from Ethereum have been “partial withdrawals” of only the reward. This is because there are two types of withdrawal requests, an “exit queue” and a “withdrawal queue”, and a “partial withdrawal” is completed only in the withdrawal queue.

According to records calculated based on the number of validators in February 2023, the withdrawal queue will allow up to 16 validators, one slot (≈ block) every 12 seconds. Since there are 7,200 epochs in a day, a maximum of 115,200 validator “partial withdrawals” will be processed per day. Withdrawal queues for partial withdrawals are currently being processed in 4.23 days, according to Nansen.

On the other hand, in the case of “full withdrawal”, the “withdrawal queue” will be issued as the validator’s termination procedure. Up to 1,800 validators can process the “withdrawal queue” for full withdrawals per day (*varies depending on the number of validators). With 32 ETH locked per validator, the withdrawal queue limit for full withdrawals per day is capped at 57,600 ETH.

Furthermore, after the withdrawal queue has passed, a waiting time of one day to a little over a month is required. After this waiting time has passed, we will put out a “withdrawal queue” for full withdrawal again, but if the queue is flooded at that time (currently 4.23 days), it is necessary to wait.

connection:Bitcoin Struggling in Recent Highs, On-Chain Data Similar to Past “Market Turning Points”

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