Third round of ETH withdrawals sees roughly equal amounts of deposits: Data

Ethereum staking withdrawals have entered their third “round,” but Ether (

In February, Kraken was forced to halt its Ethereum staking services following enforcement action and a fine by the United States Securities and Exchange Commission, which accused it of selling unregistered securities.

As a result, much of the ETH withdrawn early on has been from Kraken wallets as assets get returned to stakers. According to Nansen, 2.3% of the total withdrawable ETH remains from Kraken.

Nansen currently reports there is a total of 632,651 ETH waiting in the pending withdrawal queue. At current prices, this is valued at around $1.16 billion.

Third round of principal withdrawals underway

Again largely Kraken, bringing their total principal withdrawn to almost 400k

Source: @nansen_ai pic.twitter.com/jVnnxnl5Jf

— Martin Lee | Nansen (@themlpx) April 24, 2023

Before the last wave of withdrawals commenced, Nansen reported an all-time high in the total amount of staked ETH. The figure hit 18,796,663 ETH valued at around $34.5 billion on April 24.

The current figure, which is slightly lower than this peak, represents 14.5% of the total Ether supply. Due to the EIP-1559 burning mechanism, the total supply has declined by 114,077 ETH (around $209 million) since the Merge in September.

Concerns over a massive exodus of staked Ethereum following the Shapella upgrade have been quashed. Token Unlocks is reporting that a total of 1.66 million ETH has been withdrawn since April 12, but 1.07 million ETH has been deposited, signaling there is still quite an appetite for staking Ether.

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