After Ethereum’s Shapella upgrade, the withdrawal of staked ETH on centralized exchanges was based on $700 million.
Ethereum continues network upgrades after The Merge update. The latest Shapella update has attracted attention in Ethereum, which has taken on the PoS structure. After the Shapella update, ETH staked on Beacon Chain and centralized exchanges has been unlocked.
There is an increase in the withdrawal of ETH staked after the update. ETH stakes from centralized exchanges rose to $700 million. Investors started issuing their ETH from centralized exchanges.
ETH Staked on Central Exchanges Decreases
According to a report by CoinDesk, the amount of ETH staked on centralized exchanges such as Binance and Coinbase is decreasing. Stake pullbacks, which started after Ethereum’s Shapella update, have increased significantly recently.
Investors who stake ETH on centralized exchanges such as Binance and Coinbase withdraw their stakes and send them to decentralized exchanges. Especially in the recent memecoin rush, the shift of ETHs to decentralized exchanges is also noteworthy.
According to Dune Analytics, $367 million worth of ETH has been withdrawn from Coinbase’s staking platform as of April 12. On the other hand, on Binance, $340 million worth of ETH was unstacked and moved to decentralized exchanges.
In addition, ETH inflow continues to increase on platforms with decentralized staking protocols. While $ 56 million of ETH inflow was realized in Frax Finance, there was $ 68 million of ETH inflow to Rocket Pool.
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