Third Round of ETH Withdrawal Sees Almost Same Number of Deposits: Data
According to data from analytics platform Nansen, Ethereum staking withdrawals have reached their third “round”, but $1,827 Ether staking deposits have barely matched it.
On April 24 and 25, Ethereum staking withdrawals increased for the third time. According to Nansen, Kraken, a cryptocurrency exchange, is responsible for most of these withdrawals.
A “spin” is the amount of time it takes to make a partial draw and a prize. According to Nansen, it currently takes less than four and a half days. On April 24th, the last significant draw batch totaled 61,608 ETH in principle and prize draws. However, there were 63,009 ETH deposits at the same time, according to Nansen.
As a result, there is no change in the staked ETH balance for the last 24 hours.
Kraken was forced to suspend its Ethereum betting service in February after the US Securities and Exchange Commission took enforcement action and fined it for selling unregistered securities. As a result, most of the initial ETH withdrawals come from Kraken accounts as assets are returned to shareholders. According to Nansen, Kraken still has 2.3% of the total withdrawable ETH.
Nansen now claims that there are 632,651 ETH in the pending withdrawal queue. At current prices, it is valued at around $1.16 billion. Before the final round of draws began, Nansen reported an all-time high total of ETH staking. On April 24, it totaled 18,796,663 ETH, valued at around $34.5 billion.
The current value, which is somewhat less than the high, accounts for 14.5% of the total Ether supply. Since the Merger in September, the total supply has been reduced by 114,077 ETH (approximately $209 million) due to the EIP-1559 firing mechanism.
Fears of a major Ethereum migration at stake as a result of the Shapella update have been dispelled. According to Token Unlocks, 1.66 million ETH has been withdrawn since April 12, while 1.07 million ETH has been placed, indicating that there is still a strong appetite for staking Ether.