After Ethereum’s Shapella update that took place overnight, withdrawals increased.
Ethereum enabled the withdrawal of staked Ethereums with the Shapella update. However, approximately $1.7 billion was accumulated in terms of withdrawals.
$1.7 Billion Demand in Ethereum After Shapella
Last year, Ethereum switched from Proof of Work to Proof of Work. With this network update, users’ staked ETH was suspended and users were unable to withdraw. To remedy this situation, Ethereum implemented Shapella, its biggest upgrade after Merge.
ETH staked is being brought back into circulation as Shapella takes place smoothly at night. At the same time, the demands of the users have grown like an avalanche. An instant demand of $ 1.7 billion is waiting on the Ethereum network.
According to the data obtained, there has been a significant increase in ETH withdrawal requests, as can be seen in the graph, with the update. Apart from this situation, the effect of the network upgrade on the price on Ethereum was a matter of curiosity. Fidelity and JPMorgan disagreed on this issue.
After the network upgrade today, ETH price started to rise and hit $2000.
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