Pending ETH Withdrawals Surpasses $3B Post Shapella Upgrade

The total amount of Ethereum (ETH) confirmed for withdrawal plus their total rewards have gone beyond $3 billion since the Shapella hard fork went live three days ago. A data-tracking website known as token.unlocks quoted that 1.48 million ether which is worth approximately $3.10 billion is currently pending withdrawals. 

Users have up to $1.07 billion as the total estimated amount of ether dollar value available to them daily. At the same time, about 257,340 ether worth around $536.95 million have been estimated to be withdrawn over the next few hours. It is worth noting that the queue for staked ETH withdrawal is gradually getting longer following the Shapella upgrade and at the same time, the price of ETH has surged.

This sudden increase in the price of Ether is a far cry from the analysis performed by experts and certain short sellers. At present, the price of Ether sits at $2,096.85 according to CoinMarketCap and has been fluctuating between this figure And $2100. 

Shapella Upgrade Led to Staked ETH Deposit Decline

On Wednesday when the Shapella upgrade was launched, over 120,274.34 ETH was processed from more than 46,589 withdrawals.

At the time, only about half of the total number of active members could ask for either partial or full withdrawal. In the case of partial withdrawals, validators are required to retain a balance of at least 32 ETH to continue with their validator status.

Currently, the total volume of staked ETH minus rewards is about 17.23 million coins which is equivalent to $35.95 billion based on the market price.

On a closer glance, analysis from Friday shows that a total of 201,840 ether was withdrawn while another 98,240 was deposited on the protocol. However, since the April 12th Shapella hard fork implementation, 325,900 Ether has been withdrawn and 213,790 coins deposited.

Kraken Ventures is leading with the huge volume of ETH awaiting withdrawals while Lido Finance on the other hand has the highest number of deposits.

The shortage noticed in the number of depositors began in the days preceding the Shapella upgrade. Apart from the upcoming Shapella hard fork, the decline in staked ETH deposits was also attributed to regulatory pressures.