Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News

Third Round of ETH Withdrawals Sees Roughly Equal Amounts of Deposits: Data

According to data from the analytics platform Nansen, Ethereum staking withdrawals have reached their third “round,” but Ether $1,827 staking deposits have nearly equaled them.

On April 24 and 25, Ethereum staking withdrawals increased for the third time. According to Nansen, Kraken, a cryptocurrency exchange, was responsible for a major share of these withdrawals.

A “round” is the amount of time it takes to execute partial withdrawals and rewards. According to Nansen, it currently takes slightly under four and a half days. On April 24, the last significant batch of withdrawals totaled 61,608 ETH in principle and reward withdrawals. However, there were 63,009 ETH deposits at the same time, according to Nansen.

As a result, there has been no change in the balance of staked ETH over the last 24 hours.

Kraken was forced to suspend its Ethereum staking services in February after the US Securities and Exchange Commission took enforcement action and fined it for selling unregistered securities. As a result, much of the early ETH withdrawn was from Kraken accounts as assets were returned to stakers. According to Nansen, Kraken still holds 2.3% of the total withdrawable ETH.

Nansen now claims that there are 632,651 ETH in the pending withdrawal queue. At current pricing, this is worth about $1.16 billion. Before the last round of withdrawals began, Nansen reported an all-time high in total ETH staked. On April 24, the amount reached 18,796,663 ETH, worth around $34.5 billion.

The current value, which is somewhat less than the high, accounts for 14.5% of the total Ether supply. Since the Merge in September, the total supply has decreased by 114,077 ETH (about $209 million) due to the EIP-1559 burning mechanism.

Concerns of a big migration of staked Ethereum as a result of the Shapella update has been dispelled. According to Token Unlocks, 1.66 million ETH has been withdrawn since April 12, while 1.07 million ETH has been placed, indicating that there is still a strong appetite for staking Ether.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.