One of the key players in the current cryptocurrency market, Ethereum's network is constantly changing. The Shapella upgrade represents the most recent, significant step in the network's ongoing development.

Just a week after the upgrade's release, users began withdrawing their staked ETH from different platforms, with more than 1 million ETH taken out in total. However, since April 17th, withdrawals have slowed down.

At the time of writing, the Kraken cryptocurrency exchange is currently in the lead in terms of the total amount of staked ETH withdrawn, according to Nansen. More than 400,000 ETH has been taken out of the Kraken exchange by users since the launch of the Shapella upgrade. This is greater than 30% of the total staked ETH withdrawn across all platforms and exceeds the withdrawal volume from Binance, Huobi, and Lido combined.

All Time Withdrawn chart. Source: Shapella Upgrade Dashboard by Nansen

Related: Ethereum Staking Markets Heat Up With Shapella Upgrade. Lido in Spotlight

Approximately 850,000 ETH is also scheduled for withdrawal. Binance (25.3%, more than 192,000 ETH), Kraken (23.1%, more than 175,000 ETH), and Coinbase (18.4%, more than 139,000 ETH) are the top three exchanges in terms of the amount of staked ETH awaiting withdrawal.

ETH Marked for Withdrawal. Source: Shapella Upgrade Dashboard by Nansen

Oddly enough, not all validators have updated their software, even though almost two weeks have passed since Shapella's launch. In fact, more than 14% of validators, according to Nansen, have not done this. They are consequently unable to withdraw staked ETH.  

% Validators with 0x01 Withdrawal Address chart. Source: Shapella Upgrade Dashboard by Nansen

The most significant individual addresses that withdrew ETH were reported by the analytics firm Lookonchain. Two Lido addresses hold the top positions.

Top 15 withdrawal address after Shanghai upgrade. Source: Lookonchain

Before the update, some members of the cryptocurrency community predicted that the price of Ethereum would fall sharply as users began to withdraw their staked ETH en masse. But this did not take place. However, as we Observe, the price of ETH has increased and has now crossed the $2,000 mark for the first time since May 2022. At the time of writing, the price is fluctuating around $1,950, which is still higher than the price of ETH prior to the update.

ETH price chart. Source: Coinmarketcap

Another significant stage in the development of Ethereum has now been reached. And it seems that everything is going according to plan. We continue to Observe.

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