The Ethereum Shanghai upgrade, which took place Wednesday night, allowed validators running the blockchain to withdraw their staked ether (ETH) to run the network.
According to Nansen data, a very small amount of ETH seems ready to be withdrawn with this transaction, also called Shapella.
The blockchain analytics firm states that currently around 4,000 validators have removed from stakes 141,499 pending withdrawals worth approximately $270 million, which is less than 1 percent of Ethereum’s total validators and ETH staked. Crypto exchange Huobi is expected to unstack around 40,000 ETH, making Houbi the largest person/organization in the withdrawal queue.
Not all validators can withdraw at the same time, because there is a daily limit set for this. Nansen data engineer Edgar Rootalu told CoinDesk via Telegram, “Currently, 8 validators can output per circuit; “That’s about 1,800 validators a day,” he said.
Ethereum went on a hard fork upgrade Wednesday evening to replace the execution and consensus layer. This upgrade completes Ethereum’s transition to a proof-of-stake (PoS) blockchain, allowing stakers who secure the network to withdraw their staked ETH and accumulated rewards.
Walter Teng, vice president of digital asset strategy at Fundstrat Global Advisors, said in a private message to CoinDesk on Twitter, “1) re-stake [liquid staking derivatives] 2) buy tokens 3) buy tokens to rise.” use 4) hold tokens for future resale.”
Teng thinks that item 1 will really dominate, and everyone else is loading up on item 2.
