Ethereum implemented the much-awaited Shapella upgrade on April 12th, enabling withdrawals from the proof-of-stake blockchain.
As of April 17th, the amount of staked ETH exceeded the number of ETH withdrawn for the first time, with 124,000 ETH staked, almost double the 64,800 ETH withdrawn.
- Around 95,000 ETH was staked in a day, while 27,000 ETH was withdrawn during the same timeframe.
- Whale accounts contributed to the trend, with data suggesting many whales restaked ETH they withdrew when the Shapella upgrade launched.
- This has eliminated concerns of a potential sell-off, while the locking of tokens creates scarcity.
- Over 18.6 million ETH, totalling $36 billion, is now locked in staking contracts.
- Lido Finance accounted for 30.9% of Ethereum depositors, followed by Coinbase, Kraken and Binance.
- The Shapella upgrade helped Ethereum climb to an 11-month high over $2,100 – even outperforming Bitcoin to register the new local peak.
