• 13 July, 2024
Crypto Exchanges News

Shanghai Upgrade Results in Over $2.15 Billion of ETH Withdrawals

In the aftermath of the Shanghai upgrade, over $2.15 billion worth of ETH has been withdrawn, with a significant portion either being re-staked or sold off. According to an analysis of the top ETH withdrawal and staking addresses, 13 addresses have re-staked a total of 34,198 ETH worth $72 million after withdrawing, while three addresses have transferred a combined 71,444 

ETH to centralized exchanges.

Over $2.15 billion worth of ETH was withdrawn after Ethereum’s Shanghai upgrade, some of which was re-staked and some sold:

Notably, the findings revealed that some of the largest withdrawal addresses, such as “0x08De” and “0x2E5f,” have transferred their ETH to major exchanges like Binance, Kraken, and Huobi ETH2 Staking. However,  several instances of addresses were found re-staking their withdrawn ETH, including “0xa8c6” and “0x4B5E,” which both re-staked their entire withdrawals.

Overall, the data suggests that while some ETH holders are choosing to sell off their holdings, many still believe in the long-term potential of ETH and are choosing to stake it instead. The Shanghai upgrade, which aimed to improve ETH’s transaction speeds and reduce gas fees, may have played a role in these decisions.

The Shanghai upgrade was a highly anticipated event for the Ethereum community, with a key intention to address some of the platform’s long-standing issues. With over $2.15 billion worth of ETH withdrawn after the upgrade, it is supposed that many were eager to see what changes would come.

One of the most significant takeaways from the analysis is the number of addresses that chose to re-stake their withdrawn ETH. As the Ethereum network transitions towards a Proof-of-Stake consensus algorithm, staking has become an increasingly popular way for holders to earn rewards and participate in network security.

The fact that 13 addresses re-staked their ETH suggests significant confidence in the future of Ethereum and the potential rewards for participating in the network. These rewards can range from simple staking rewards to governance rights and participation in network protocols.

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