With the latest Shapella update on the Ethereum chain, investors have not only started to withdraw their previously frozen ETH but have also started depositing Ethereum even more aggressively than before, according to a new report by the on-chain data provider IntoTheBlock.
Staking Ethereum inflows hit Asian platforms
On April 12, Shapella happened. Validators were able to withdraw their Ethereum from the Beacon Chain deposit contract thanks to the Shanghai and Capella upgrades, which also made it possible for Ethereum to completely switch to the proof-of-stake consensus process. The price of the second largest cryptocurrency reclaimed the $2,000 mark once the update was put into place.
Around 1 million ETH were removed in the first week following Shapella. But today, it has been eclipsed by the quantity of deposited Ethereum currencies.
The tweet from IntoTheBlock demonstrates the rapid rise in deposits made by staking providers. While it has seen significant ETH withdrawals from Lido, Coinbase, Kraken, and RocketPool, centralised exchanges in Asia, particularly Huobi and OKX, are experiencing significant ETH inflows.
Significant inflows have also been seen on Stakefish and Staked.us. Investors in Asia are more inclined to stake Ethereum for the long term, whereas U.S. stakers are aggressively removing their holdings.
Whale sells large ETH chunk
Despite the opportunity to withdraw funds, many people continue to stake their ETH, but others are also selling their coins. An unknown “Smart Money” wallet transmitted 34,044 Ethers to the Binance exchange, according to a tweet from the cryptocurrency tracker @lookonchain, many hours ago.
This Ethereum, according to the tracker, was reportedly sold for $65.4 million.
This whale has an unusual recent history of managing their Ethereum holdings, according to @lookonchain.
After the USDC currency peg suffered a severe blow this year, this whale exchanged over 24 million USDC stablecoins into 15,551 ETH. Also, he was able to withdraw his ETH and other cryptocurrency assets from the FTX exchange before it stopped allowing withdrawals.
Commentators questioned if this person may have benefited from intimate knowledge of FTX.
