The amount of ETH withdrawn from the beacon chain has reached 1 million. However, withdrawals are slowing down and deposits are still flowing back.

According to the Token Unlocks dashboard, more than a million ETH was withdrawn from the beacon chain following the Shapella upgrade on April 12.

However, the pledged balance did not decrease by one million because 370,000 was deposited during the same period.

As a result, the current staked balance is down by 640,000 ETH, according to Token Unlocks.

This suggests that some unstaked ETH is returning to liquid staking platforms such as Lido.

Ethereum staking Exodus slows down

Since the Shapella upgrade, the ETH balance staked on Lido has actually increased by about 100,000. It now stands at just over 6 million, worth $12.6 billion. In addition, Lido’s share of the total stake has increased to 34.7%, also due to the fact that Lido has not yet enabled withdrawals for platform users.

There are still 17.3 million ETH staked, worth about $36 billion at current prices.

The Nansen dashboard shows a slowdown in Ethereum withdrawals, falling to 2,415 ETH on April 16 when 3,008 ETH was deposited.

Industry analyst Colin Wu reported that there were 892,000 ETH waiting to be withdrawn. “Kraken regulatory factors and Huobi shareholder changes are the main sources of withdrawals,” he said.

The SEC has cracked down on equity staking this year, first targeting Kraken’s staking service, and Coinbase could be its next victim.

According to Nansen, Coinbase accounts for 12.8% of Ethereum depositors, with about 2.37 million ETH staked.

ETH Price Outlook

Ethereum prices have remained above the psychological $2,000 mark over the weekend. ETH hit a new 2023 high of $2,129 during Asian trading hours on Monday morning but has since retreated slightly.

At the time of writing, ETH is trading at $2,098, maintaining last week’s gains. The asset has gained an impressive 75% since the start of the year and could lead the market into a new “alt season.”

The total market capitalization remained stable over the past 24 hours at $1.32 trillion.