The recent Ethereum Shanghai upgrade, which occurred just five days ago, has led to a remarkable surge in the asset value, up by approximately 10% to trade at around $2,100 on Monday. This has pushed Ethereum to scale to an impressive 11-month high, with bulls eagerly approaching a crucial resistance/support level between $2,274 and $2,662.
However, with the ongoing re-balancing of the staked ether, volatility in this second-largest digital asset is expected to remain high, adding to the excitement of crypto traders and investors.
The Ethereum Staking Program: An Analysis
Since the Shapella/Shanghai upgrade took place on April 12, a total of 1,024,099 ETHs, worth approximately $2.15 billion, have been withdrawn, according to a market intelligence platform Lookonchain. Reportedly, three ETH whale addresses re-staked their assets, amounting to 19,844 Ether, after withdrawal. However, three other whale addresses sent their withdrawn ethers, amounting to 71,444 ETH, to centralized exchanges for liquidation.
Related: Ethereum’s Shapella Upgrade is Bullish Beacon with a Twist, According to Santiment – Coinpedia Fintech News
Restaked Assets and Liquidation Post Upgrade
The firm identified several instances where ETH whale stakers withdrew their assets and sent them to centralized exchanges including Binance, Huobi, and Kraken. Nonetheless, successful withdrawals after the Shanghai upgrade amount to 158,592 ETH amounting to approximately $333 million.
Also Read: Ethereum Price Prediction 2023, 2024, 2025: This Is How ETH Price Could Perform In 2023!
Lookonchain has identified 13 ETH whale addresses that have re-staked their assets. Reportedly, a total of 34,198 ETH amounting to approximately $72 million has been staked since the Shanghai upgrade.
Following the Shanghai upgrade, the total number of validators dropped by less than 2k to stand around 561,655 on Monday. With the total staked Ether at around 17.9 million, the general outlook for the Ethereum ecosystem is bullish. Meanwhile, crypto enthusiasts in the United States are not able to stake ETH following regulatory scrutiny by the SEC.
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