Crypto Ecosystems • April 13, 2023, 2:46AM EDT 
Quick Take
- Approximately eight hours after Ethereum’s Shapella upgrade went live, 695,750 ether is currently pending withdrawal.
- Meanwhile, 17.52 million ether is staked.
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Roughly eight hours after Ethereum’s Shapella upgrade went live just before 6:30 p.m. EDT last night, more than $1.34 billion in ether is waiting to be withdrawn.
As of this writing, 695,750 ether is currently pending withdrawal, according to the token.unlocks application.
More than 99,000 ether ($190 million) is estimated to be withdrawn over the next 11 hours — creating an early post-Shapella average of $380 million in ether withdrawn per day.
ETH is being withdrawn on an hourly basis. Source: token.unlocks.app
As The Block previously reported, on-chain estimates predicted more than 1.1 million ether — worth $2 billion — in accrued validator rewards would be available to be claimed following Shapella.
Glassnode estimated that validators might sell 170,000 ETH ($317 million) in the first seven days after Shapella — which it believes could have an “acceptable impact” on the price of ether.
How much ether is still staked?
Currently, 17.52 million ether is staked — excluding rewards — which accounts for 15.6% of the total ether supply.
Since the Shanghai upgrade went live, the net staking balance has decreased by 63,150 ether ($120 million) — roughly 67,710 ETH has been withdrawn while approximately 4,560 ETH has been deposited.
How vital is Shapella for Ethereum?
Last night’s Shapella hard fork implemented Ethereum Improvement Proposal 4895. Users and validators can now withdraw their staked ether on the network.
The upgrade was released on the mainnet at block height 6209536.
Shapella is a milestone event for Ethereum, following the implementation of EIP-1559 and The Merge. Now that withdrawals have been enabled, the network fully transitioned to a proof-of-stake consensus mechanism.
The price of ether is currently hovering above $1,900 and remains, for now, largely unaffected by the Shapella hard fork.
The price of ether has remained largely unaffected since Shapella went live last night. Source: TradingView
