Blockchain News

Ether Price Tops $2,100 as Ethereum’s Pending Withdrawals Hit $2.2 Billion

Ether, the native unit of Ethereum, has increased in value by over 10% over the last day and is currently selling at more than $2100 on several cryptocurrency platforms. At the same moment, more than $2 billion worth of ether (including awards) has been verified to withdraw, changing its status to 0x01. According to data tracking application tokens. unlock, 1.07 million ETH, worth $2.27 billion, are awaiting withdrawal as of 1 a.m. EDT.

An estimated 53,050 ether, worth $111.81 million, is expected to be taken over the course of the next 11 hours, bringing the daily average for ETH withdrawals to $223.54 million.

17.39 million ether, worth $36.54 billion, are still deposited (earning awards excluded). 15.42% of the entire supply of ETH is represented by the deposited amount.

By deducting the entire amount of ether taken out from the total amount of ether put, one may get the net staking balance for the previous day, which is positive. 14,300 in partial withdrawals and 18,370 in partial deposits. Accordingly, 4,070 more ETH was deposited than was removed.

Since the Shapella hard fork went live, the net staking balance has decreased by over -140,000. 247,820 ETH have been withdrawn, compared to 107,790 ETH that has been deposited, or less than half of the total amount. The centralized exchange Kraken, which started withdrawal requests totaling more than 551,000 ETH ($1 billion), is the most renowned ether unstaker.

The U.S. Securities and Exchange Commission filed charges against Kraken for allegedly failing to register its staking program in the nation, for which Kraken agreed to pay a $30 million fine. This settlement is what is driving Kraken’s unstacking efforts.

On April 12, just before 6:30 p.m. EDT, Ethereum’s Shapella update, the first significant modification since last year’s Merge switched the system to a proof-of-stake consensus method, became live at block height 6209536. The Ethereum Improvement Proposal 4895 was adopted by the Shapella hard fork, thereby enabling users and validators to withdraw their staked ether. Additionally, the Shapella update optimizes some transactions’ Ethereum gas fees.


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