Ethereum Shapella Update Triggers Staker Withdrawals, Raises Concerns and Optimism
The recent Shapella update on the Ethereum network has caused stakers to withdraw thousands of ETH worth millions of dollars. While some analysts predicted a decline in the market value of ETH, the price has remained above $2,000, leading to cautious optimism among investors.
Withdrawals of over 270,000 ETH have been recorded since the update, with Lido, Figment, and Celsius Network being the leading withdrawal addresses. Lido also dominates the staking market with over 5 million staked ETH, followed by Kraken and Figment.
However, there are concerns about the future of the staking market, as Kraken faces a lawsuit by the CFTC, and Celsius faces insolvency issues. These concerns raise questions about the overall impact on ETH's value.
Despite liquidations amounting to over $73 million in the last 24 hours, funding rates stand at over 0%, indicating that investors anticipate a future price increase.
Key takeaways:
The Shapella update caused staker withdrawals of thousands of ETH worth millions of dollars.
Lido dominates the staking market with over 5 million staked ETH.
Kraken and Celsius face concerns about the future of the staking market.
Despite liquidations, funding rates indicate investor optimism for a future price increase.
Conclusion:
The Shapella update on Ethereum has caused staker withdrawals, leading to concerns and optimism among investors. While the future of the staking market remains uncertain, funding rates suggest that investors remain positive about the future value of ETH.
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