• Kraken accounted for nearly 25% of all principal ETH withdrawals since the upgrade.
• 89% of all transfers classified as CEX were exchanges redistributing among their wallets, indicating low selling pressure.

Almost a month has passed since the much-awaited launch of the Shapella Upgrade, a significant milestone which allowed stakers to withdraw their locked Ethereum [ETH]. Blockchain analytics firm Nansen published a report on 9 May which provides an overview of the network post-Shapella.

Read Ethereum’s [ETH] Price Prediction 2023-24

As per the analysis, the amount of ETH staked on the Beacon chain increased from what it was during the time of the Shapella update on 12 April, demonstrating that deposits on the proof-of-stake (PoS) chain have only grown.

As per the Nansen dashboard, Ethereum’s smart contracts held 19.4 million ETH at the time of writing.

CEXs stand first in the queue

Nansen’s report also shared some interesting observations on the withdrawal patterns. Centralized crypto exchanges (CEXs) took the lead in withdrawals, accounting for nearly 73% of the withdrawals as of 8 May.

However, contrary to fears of a mass sell-off, most of the ETH getting unstaked was for the exchange’s internal operations.

For instance, Krak

Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details