More than 1 million Ethereum (ETH) valued at $2.1 billion has been withdrawn following the Shapella upgrade.

• A total of 1.03 million ETH has been withdrawn from 473,700 withdrawal requests.
• Following the Shapella upgrade, the price of ETH has exceeded the $2100 threshold.

In the initial four days following the Shapella hard fork, over one million Ether valued at $2.1 billion were withdrawn from Ethereum’s Beacon Chain, with the price of Ether rising above $2,100 for the first time in 11 months.

There have been a total of 1.03 million ETH withdrawn from 473,700 withdrawal requests, with the highest single-day total occurring on Saturday, April 15, when 392,800 ETH were withdrawn. Almost 87%, or 469,000 out of 540,000 active validators, are now able to withdraw their staked Ether.

Bulls Drive the Price

Despite differing views within the Ethereum community regarding the impact of Shapella on the price of the leading altcoin, the first four days experienced an increase of nearly 10%.

The on-chain analytics firm Nansen slightly overestimated the volume of Ether expected to be withdrawn from the Shapella platform in the initial days, predicting 1.4 million.

In confirmation of this, just over a million ETH have been withdrawn from the Beacon Chain since the Shapella update on April 12, as reported by the Token Unlocks dashboard.

A total of $370,000 was deposited during this period, meaning the staking balance did not decrease by $1 million. According to Token Unlocks, the current staking balance has declined by 640,000 ETH as a result. The return of unstaked ETH to liquid staking platforms such as Lido reflects this trend.

Since the Shapella update, the total amount of ETH staked on Lido has increased by approximately 100,000, totaling just over six million, currently valued at $12.6 billion. Additionally, Lido’s share of the total staked ETH is now 34.7%, as Lido has yet to enable withdrawals for its users.