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Ethereum Pending For Withdrawal Rise Rapidly, Price To Drop?
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Ethereum (ETH) Pending For Withdrawal Rise Rapidly, Uptrend In Jeopardy?

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Ethereum

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The long-awaited Shanghai and Capella update of Ethereum officially went live yesterday at 6:30 am EST. The hard fork has gone off without a hitch and is the first major upgrade to the protocol since “The Merge” on September 15, 2022.

For the first time in over two years, stakers and validators are able to withdraw their staked ETH from the Beacon Chain. And contrary to some alarming fears, the ETH price has so far failed to plummet.

The Latest Numbers On Pending Ethereum Withdrawals

According to token.unlocks, about two hours after the Ethereum upgrade, about 17,350 ETHs were withdrawn, and 128 ETH were deposited. The number of ETH waiting for withdrawal at that time was around 319,000 ETH (about $563 million).

Since then, however, the number has increased significantly. As of press time, there were 704,416 ETH waiting to be withdrawn, according to data from Nansen. The total number of staked ETH on the Beacon Chain including rewards was 19,227,545 ETH. This means that about 3.6% of all staked ETH are currently waiting to be withdrawn.

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The number of validators waiting for a full exit was 19,621, with the total number being 567,209 validators. The net outflow since the update was activated is -55,438 ETH.

It is worth noting that the average price of all stakers is $1,973, according to Nansen, which is just above the current price. ETH thus only needs to increase by 3% for the average staker to be in profit.

According to on-chain analytics tools, Huobi ranks first with 27.5% of entities waiting to unwind their staked ETH, followed by others (19%), PieDAO (15.7%), Kraken (13.6%), and Heavy Dex Trader 0xa3d (10.1%).

Entities withdrawing ETH
Entities withdrawing ETH | Source: Nansen

According to people familiar with the matter, the large number of ETH withdrawals on Huobi is mainly related to the transfer of new and old shareholders, as reported by Chinese journalist Colin Wu. After the withdrawal is completed, the former owner of Huobi, Li Lin, has to do a handover. “Some ETH may be withdrawn and then deposited again.”

According to the official Ethereum website, no transaction fee is required for the withdrawals, as the withdrawals do not compete with the execution level block space. Moreover, the website states that a maximum of 16 withdrawals can be processed in a single block.

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2 years ago

This means that 115,200 withdrawals will be processed by validators in a single day. Subsequently, Ethereum predicts that 400,000 withdrawals will take 3.5 days, 600,000 withdrawals will take 5.2 days, and 800,000 withdrawals will take 7 days.

ETH Price Trends Up

The current data suggests that there is no rush among investors to unstake ETH. Thus, fears about an ETH dump appear to be proving unwarranted. With the current numbers, the initial withdrawals could be fully settled in as little as a week. The impact on the price is likely to be rather marginal.

Accordingly, the ETH price currently looks very bullish. At press time, ETH was trading at $1,921, eyeing a break above $2,000.

Ethereum ETH price
ETH price, 1-day chart| Source: ETHUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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