Data suggest that the withdrawals have been minimal and have thus far been matched with inflows.
about the unstaked ETH entering circulation potentially leading to sustained selling pressure. The bullish outlook, on the other hand, argued the risk of being unable to withdraw is eliminated, resulting in more deposits.that analyzed the state of Ethereum post-Shapella, it was observed that the elimination of unstaking risks has thus far offset selling pressure from withdrawals. To top that, a significant proportion of the ETH withdrawn is likely not intended for selling.“There are 19.
The withdrawal requests were dominated by centralized crypto exchanges. Kraken, for one, is leading with its withdrawal volume accounting for more than 26% of all ETH withdrawals since the upgrade. This is likely related to the recent regulatory crackdown on the US-based exchange’s staking service, which has forced it to return the staked ETH to depositors of its platform.
“Other notable Principal ETH withdrawers include Binance, Coinbase, and Private Transactions Miner: 0xffd, with 13.3%, 12.5%, and 5.44% of the share of Principal ETH withdrawn, respectively.” – the report reads.A month after the upgrade, withdrawals have greatly slowed down, and Nansen’s data suggest that the majority of entities are currently holding onto their remaining balance for now.
Contrastingly, the amount of ETH sent to decentralized exchanges from withdrawers only represents 1.23% of the total proportion. Around 20% of the withdrawn ETH were found to have been sent to all miscellaneous addresses which are not labeled as CEX, DEX, Staking, or DeFi, according to Nansen, and approximately 6% of all withdrawn ETH was sent to re-stake.
Nansen believes this cohort is less likely to take profits as they are still running validator nodes, and staking rewards are processed automatically. Therefore, some ETH from partial withdrawers would return to the Beacon Chain to rake in more yield.
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