So far, more than one million Ether units worth $2.1 billion have been withdrawn from the Ethereum network in the first 4 days after the Shapla hard fork. At the same time, the price of Ethereum has risen above $2,100 for the first time in 11 mohs, but how far can the uptrend coinue?
According to Coielegraph, beaconcha.in website data shows that while around 1.038 million Ethereum have been withdrawn through more than 483,500 requests; On Saturday, April 15 (26 Farudin), we have seen the highest withdrawal amou of 392,800 Ethereum.
Currely, about 87% or 469,000 of the 540,000 active validators can withdraw their staked Ethereum.
While community members disagreed on the impact of the selling pressure caused by the Shapla hard fork, the price of Ethereum has increased by nearly 10% in the first 4 days.
These figures come as no surprise to Lachlan Feeney, CEO of blockchain consulting and developme firm Labrys. He explained that many validators are reinvesting Ethereum in Beacon China.
In fact, much of the Ethereum that has been lifted in the past few days goes directly back to the China Beacon; Because validators are looking for compound ierest, to the exte that the net investme balance is already increasing.
Finney explained that many early adopters were looking to withdraw their Ethereum due to the curre macroeconomic conditions and after nearly 30 mohs of waiting.
Finney believes that Shapela’s hard fork will, in the medium to long term, lead to growth in the amou of Ethereum staked, which could boost Ethereum at the consensus level.
As Shapla is a de-risking eve, it will make Ethereum more profitable in the medium to long term. We predict that we will reach a new record for the amou of Ethereum staked in the not too dista future.
Markus Thielen, head of research at crypto financial platform Matrixsport, explained that the shutdown of the Kraken exchange’s staking service may have played a role in the increase.
It seems that the main reason for this is the closure of Kraken’s stocking departme. This will only have a temporary effect; Because we coinue to see a significa increase in demand from investors who can now invest with a better view of the liquidity of deposited Ethereum.
Thielen expects a large amou of Ethereum mined from Kraken to be re-staked io Beacon China via other platforms.
While he predicts Ethereum’s bull run to stall this week amid increased selling pressure, he believes Shapela’s hard fork will eveually eice more institutional investors to invest.
Crossing the threshold of one million tokens, the amou of Ethereum withdrawn is 500% higher than the forecast of the analysis company Glassnode on April 11 (April 22), which estimated that only 170,000 Ethereum would be withdrawn within a week after Shapla’s update.
Meanwhile, Nansen’s prediction was a bit more accurate. The company estimated that 1.4 million Ethereum would be withdrawn in the first few days after the update.
