Blockchain News

Ethereum Staking Deposits Outpace Withdrawals as Staked ETH Balance Increases

Deposits for Ethereum staking are now more than withdrawals, and have been for the previous day or so.

ETH deposits surpassed withdrawals late on April 17 and have remained above them since, according to the Nansen Shapella dashboard. It reported 154 withdrawals and 7,020 deposits in the last hour.

The results differ slightly depending on the analytics platform used. According to Token Unlocks, a total of 1.08 million ETH has been withdrawn thus far. It also claims that 575,000 ETH has been staked since Shapella’s update one week ago today.

This indicates that the entire staking balance has decreased by only about 500,000 ETH. According to Nansen and Ultrasound, if the current trend continues, the overall quantity of Ethereum staked will actually climb. Money, depending on whose figure you select, the total has already climbed to between 18.4 and 18.7 million ETH.

According to Token Unlocks, the staking balance has climbed by 26,680 ETH in the last 24 hours. However, a large portion of the pending withdrawal queue remains. According to Nansen, 5.2%, or 979 million ETH, is waiting to be removed. A major portion of revenue comes from Kraken staking services, which were shut down earlier this year by US officials.

Some industry professionals believe that a significant growth in Ethereum staking is not necessarily a good thing. BeInCrypto noted earlier this week that low levels of ETH staking could be bullish for the asset.

Even with liquid staking incentives, it is projected that ETH staking will not approach the high levels seen on other layer-1 blockchains. This is due to its wide range of applications.

For the previous six days, ETH prices have been above $2,000 per coin. The asset recovered slight losses yesterday and is currently trading at $2,095 at the time of writing.

Following the Shapella upgrade, Ethereum has gained almost 11% in the last week. However, at the current price levels, it faces significant opposition.

To advance to the next level, a big move is required. However, a downward swing might see support just above $1,900 tested again. 


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