 | This week we saw the successful completion of the Shanghai upgrade, finalizing the Merge process for Ethereum into Proof of Stake. With this, ETH staking withdrawals were activated. For months, people had speculated on what this huge unlock would do on price. In fact, we've seen a fairly strong rise in price since Shanghai, likely due to the de-risking making this attractive to large players. So, the chart I consider the most interesting in crypto right now is below, the ETH staking deposits vs withdrawals. https://query.nansen.ai/public/dashboards/Hk93n66vsO0uvycfui8ypF2xcpNhpraxfwX5AWZJ At the time of writing, ETH withdrawals have exceeded newly staked ETH by ~11,000ETH in the last 24 hours. There are currently 24,460 validators waiting for full exit (32ETH) and a total of 877,134 ETH waiting to exit. Note, some of this will be staking rewards which are automatically queued to withdraw. As a bonus, another very interesting chart shows where the withdrawals so far have been heading. Some interesting reading here with the likes of Ceslisus popping up. I know chart watching is a bit of a hobby of the sub, so hopefully this gives you something different to peep at. It's pretty fascinating to see these dynamics play out in real-time, after so long spent speculating in the lead-up! [link] [comments] |
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