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Observers debate the effect of Shapella’s update on the asset’s price. In the past few days, the price of ETH has risen sharply even as there are more than 2.2 billion dollars in Ether waiting to be withdrawn.
Ethereum in a great format
It seems that ETH is set for solution over 2000 dollars. In the last 24 hours, its price is up more than 3%, ie more than 10% in the last 7 days. It even briefly crossed the $2100 mark.
At the same time, these are over $2.27 billion worth of ETH pending withdrawal according to the request tokens.unlock. In the next 11 hours, approximately 53,050 Ether worth over $111 million will be withdrawn. This corresponds to approx $223.54 million in ETH is withdrawn daily.
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Kraken withdraws its ETH significantly
Currently, more than 17.39 million ETH have been deposited, or about 36.5 billion dollars. This represents approximately 15.42% of the total ETH supply. Looking at the net committed balance for yesterday, it is positive. About 4070 ETH deposited are more than those withdrawn.
Since the launch of Shapella, this figure has remained negative since 247,820 ETH were withdrawn and only 107,790 ETH were deposited. Kraken holds the palm of the largest number of non-economic ETH with 551,000 ETH, ie about $1 billion.
These transactions have been prompted by SEC attacks on American exchanges in recent weeks. As a reminder, Kraken agreed pay a $30 million fine in the context of this case. On the other hand, P2P stake pool deposited more than 50,200 ETH yesterday.
What is Shapella?
shape It is an Ethereum update that was implemented on April 12th. It’s over the first big change from the Merger that made Ethereum switch from a proof-of-work consensus mechanism to proof-of-stake. Shapella is the contraction between the update Shanghai for the execution layer and Capella for the consensus part of the network.
This Shapella hard fork allows users and collectors Withdraw stakes ETH. This update also allows to optimize gas costs on the network. The effects of this implementation are therefore to be monitored in the coming days.
For the time being, the price of the asset reacts after a green market, quite well. Investors do not seem in no hurry to sell and this deposit and withdrawal facility could even encourage new players to invest. In fact, there is no longer any need to wait indefinitely before being able to withdraw their staked tokens.
Source: The Block
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