Nansen, an on-chain analytics company, analyses ETH primary withdrawals and the parties responsible.
Recall that on April 12, the Shapella update was activated, allowing withdrawals from the ETH beacon chain.
According to Nansen, Kraken and Coinbase are responsible for the vast majority (78.3%) of the 870,688 ETH primary withdrawals.
According to the report, the third wave of primary withdrawals took place over the last 24 hours. Additionally, a sizable quantity of deposits were made, which kept the total amount of ETH frozen at a lower low than the prior wave. It states that 18,629,009 ETH are now locked in total.
According to statistics Nansen provided on April 24, 894,671 ETH, or around 4.7% of all ETH on the Beacon chain, including rewards, are awaiting complete departure. There are now 27,809 validators awaiting a complete exit.
At 18,879,775 ETH locked, the total amount of ETH locked has reached a record high since the Shapella upgrades on April 24. In this context, “total ETH locked” refers to all ETH that “is out of circulation,” which includes ETH staked on the Beacon chain, ETH put to the Beacon contract but not yet confirmed, and ETH incentives on the Beacon contract.
In related developments, Binance recently said that, starting on April 27, it will rename ETH 2.0 Staking to ETH Staking and introduce Wrapped Beacon ETH (WBETH) on the ETH Staking service. WBETH is a brand-new liquid staking token, where 1 WBETH equals 1 BETH and the total staking rewards that the BETH token has accumulated on ETH Staking.
Ethereum sees inflows
According to CoinShares, digital asset investment products saw outflows totaling $30 million last week, ending a six-week run of inflows.
Ethereum, on the other hand, saw inflows totaling $17 million last week, suggesting there is increasing confidence among investors following the implementation of the Shapella upgrade.
After crossing back under $2K last week, Ethereum’s network saw its fees explode to their highest level since May 2022. Though still relatively high, fees have been discounted by 35% since, on-chain analytics firm Santiment reported.
