Kraken to Unstake ETH Worth Over $1 Billion, Where Next for Ether?

April 14, 2023

MCP News Free

Kraken to Unstake ETH Worth Over $1 Billion, Where Next for Ether?

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Key points

Kraken request accounts for 65% of the total stake requested by stakers
Roughly 820,000 ETH in the queue for withdrawal

After getting caught in the regulatory crossfire, Kraken suspended its staking services in the US, leaving the exchange feeling a bit unstaked, and had to withdraw a whooping 551,000 ETH which is accounting for 65% of the total withdrawal requests by validators.

Shanghai upgrade went live on Wednesday, April 12 and saw $34 billion in Ether available for withdrawal by validators.

*Nansen data showing ETH Withdrawal Request*

Meanwhile, since the completion of the upgrade, data from Nansen revealed that the network has seen roughly ETH worth $1.5 billion (820,000 ETH) withdrawal requests and out of the $1.5 billion, Kraken stake accounts for $1 billion, although Kraken’s entire stake is said to be much more than its current request ($2.5 billion in ETH).

One thing analysts have been curious about is the fate of ETH should many of those stakeholders decide to release their stake into the market, currently, the price of ETH has seen a notable surge after climbing $2,000 in the past few days, currently, it is sitting at $2,111, having a 24-hour trading volume of $17.31 billion and has been up by 10.43% in the past 24 hours, showing that the market has been responding positively to the upgrade, this may, however, be attributed to the regulated daily limit, which is purposely to curb the effect of Shapella upgrade on the price of Ether.

Meanwhile, about 820k ETH is currently in the queue for withdrawal, hitherto, it is unknown the extent to which the validators will release their ETH into the market.

About 15% of the total ETH supply was staked by validators, which is about 17.5 million ETH, and in total, about 1 million ETH has been distributed to stakers as rewards.

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