ETH Staking Withdrawals and Deposits in Balance for Third Round Data from the analytics platform Nansen reveals that the third round of Ethereum (ETH) staking withdrawals has seen roughly equal amounts of deposits. The total amount of staked ETH was at an all-time high before the latest wave of withdrawals commenced, hitting 18,796,663 ETH, which was valued at around $34.5 billion. The current figure, which is slightly lower than the peak, represents 14.5% of the total Ether supply.
Despite concerns of a massive exodus of staked Ethereum following the Shapella upgrade, data from Token Unlocks reveals that 1.66 million ETH has been withdrawn since April 12, but 1.07 million ETH has been deposited, signalling that there is still quite an appetite for staking Ether.
Kraken Responsible for Large Portion of ETH Withdrawals
Kraken, the crypto exchange, was responsible for a large portion of the latest round of ETH withdrawals. The last batch of withdrawals on April 24 totalled 61,608 ETH in principal and reward withdrawals, but at the same time, there were 63,009 ETH deposits, resulting in zero change in the balance of staked ETH over the past 24 hours. The withdrawals and deposits have almost equalled each other, and Nansen currently reports there is a total of 632,651 ETH waiting in the pending withdrawal queue, valued at around $1.16 billion at current prices.
Kraken’s Halt of Ethereum Staking Services
Kraken was forced to halt its Ethereum staking services in February following enforcement action and a fine by the United States Securities and Exchange Commission, which accused it of selling unregistered securities. As a result, much of the ETH withdrawn early on has been from Kraken wallets as assets get returned to stakers. According to Nansen, 2.3% of the total withdrawable ETH remains from Kraken.
ETH Staking Withdrawal Rounds and Nansen’s Process
The ETH staking withdrawals have entered their third “round,” but a round refers to the number of days taken to process partial withdrawals and rewards. Nansen states that it currently takes just under four and a half days. The third round of withdrawals started on April 24 and into April 25. Nansen is an analytics platform that aims to provide data to help users gain insights into on-chain data. It enables tracking crypto addresses, wallets, and transactions on various blockchain networks, including Ethereum.
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