As per the statistics provided by a reliable tracking platform, the Ethereum (ETH) withdrawals post the Shanghai upgrade have surpassed the one million token mark, with a staggering market value of over $2.1 billion. Furthermore, there are currently 651 ETH units awaiting withdrawal, while the total deposited amount stands at 373.39k ETH coins. These figures indicate a significant surge in demand for ETH, highlighting its growing popularity among investors and traders alike.
According to Colin Wu, a highly regarded Chinese crypto journalist, the substantial withdrawal activity observed on the Kraken crypto exchange and Huobi Global can be attributed to regulatory influences and shareholder structure changes.
The Ethereum blockchain has recently accomplished a noteworthy milestone by successfully implementing the Shanghai hard fork. This marks the protocol’s first major upgrade since “The Merge” in 2022. The primary objective of this upgrade is to enable stakers and validators to withdraw their staked ETH from the Beacon Chain, a significant development for the Ethereum community.
As per the official records, a staggering 17.3 million ETH has been staked on the Beacon Chain, with a whopping value of $36.3 billion. While crypto experts have lauded the long-term benefits of this upgrade, they have also cautioned about the possibility of short-term repercussions on the market.
“This month, Crypto Tony, an influential figure in the cryptocurrency community, alluded to a potentially significant market shift as individuals eagerly await the outcome of a substantial unlock. This anticipation has led to speculation of a potential market dump.”
After the hard fork’s successful completion, Ethereum tokens’ value skyrocketed to over $2k, marking one of the highest values seen this year. According to CoinMarketCap, ETH’s seven-day cumulative growth has surpassed 13%, indicating a strong upward trend. In the past 24 hours alone, traders have exchanged nearly $9 billion worth of ether tokens, highlighting the growing demand for this cryptocurrency. These impressive figures demonstrate the resilience and potential of Ethereum, making it a promising investment opportunity for those looking to enter the crypto market.
