- The Shapella upgrade hit Ethereum mainnet on Wednesday at 11:27 PM UTC.
- ETH has had a surprising reaction to the historical upgrade.
- 73,214 ETH have been withdrawn so far.
Ethereum successfully implemented the Shapella (Shanghai and Capella) upgrade on mainnet on Wednesday.
Many thought that once the Shapella upgrade was live, the price of ETH would instantly dump. However, ETH has had a different reaction to the monumental occasion.
Withdrawals Enabled. What Next?
ETH staking withdrawals were enabled on Wednesday at 11:27 PM UTC. Since then, ETH has been trading flat and is currently at $1,913, down 0.2% on the day, according to data from CoinGecko.
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That’s probably because most of the withdrawn ETH so far has been staking rewards, which range from 2 to 4 ETH. Since staking withdrawals went live a few hours ago, the total staked ETH decreased by only 0.269%.
In total, 27,181 withdrawals have been processed, and 73,214 ETH distributed, according to beaconcha.in. There are 19,621 validators out of the 567,209 waiting to exit the ETH staking program fully. Five hundred sixty-six validators have already exited, making up just 0.1% of the total validators.
According to Nansen, Huobi is the largest entity currently able to withdraw its ETH. Justin Sun’s exchange can withdraw 39,776 ETH. PieDAO can withdraw 27,270 ETH and Kraken 19,616 ETH.
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The Shapella upgrade marks the full implementation of the proof-of-stake consensus mechanism on Ethereum. Users can now enter and exit the staking program whenever they want.
On the Flipside
- As withdrawals speed up and more validators can exit the staking program, ETH may suffer from potential selling.
Why You Should Care
The Shapella upgrade is one of the largest upgrades in Ethereum’s history. Validators can now enter and exit the staking program without locking up ETH for significant amounts of time.
Read more about the Shapella upgrade:
What Is Ethereum’s Shanghai Upgrade? ETH Staking Withdrawals Explained
Read more about Winklevoss twins investing in Gemini:
Winklevoss Twins Inject $100M into Gemini Amid Low Crypto VC Activity
