Just four days after Ethereum’s landmark Shapella upgrade enabled staked ETH withdrawals for the first time, the network has already processed over 1 million ETH in withdrawals — and yet, the price of Ether has surged roughly 12% since the upgrade went live on April 12. The data tells a far more nuanced story than many expected.
TL;DR
- Over 1.04 million ETH has been withdrawn from 491,037 processed withdrawal requests since Shapella
- Despite massive withdrawals, ETH price climbed to $2,076 — an 11-month high
- Net staked ETH declined only 3.8% to 17.3 million as new deposits offset much of the outflow
- Lido DAO accounts for 25% of all withdrawals; centralized exchanges dominate pending requests
- ETH staking volume surpassed withdrawal volume for the first time on April 17
A Historic Milestone for Ethereum Staking
When the Shapella (Shanghai + Capella) upgrade activated on April 12, 2023, it marked the completion of Ethereum’s transition to proof-of-stake. For the first time since the Beacon Chain launched in December 2020, validators could withdraw their staked ETH. Many analysts feared a massive sell-off. Instead, what followed was a remarkable display of confidence in the network.
According to beaconcha.in data, 1.04 million ETH had been withdrawn as of April 17, processed through 491,037 individual withdrawal requests. The single largest day of withdrawals came on April 15, when 392,801 ETH exited the Beacon Chain. On every other day since the upgrade, more than 150,000 ETH was withdrawn daily.
Withdrawals Yes, But New Deposits Pour In
Here’s where the narrative gets interesting. Despite the headline-grabbing withdrawal figures, investors have simultaneously deposited 380,420 ETH back into staking since the upgrade. The result? A net decline of just 657,570 ETH — roughly $1.36 billion at current prices — representing a modest 3.8% drop in total staked ETH, which still stands at 17.3 million.
By April 17, the trend had already reversed. According to on-chain data, ETH staking volume of 124,000 ETH actually exceeded the withdrawal volume of 64,800 ETH for the first time since Shapella went live. In the last 24 hours alone, new deposits were outpacing withdrawals — a clear signal that the initial “unstake and sell” fears were largely unfounded.
Who’s Withdrawing and Why
Lido DAO, the largest liquid staking platform, leads all withdrawal sources with approximately 25% of processed withdrawals, according to Nansen’s dashboard. Binance follows with 84,145 staked ETH withdrawn, accounting for 8.11% of the total. Other notable withdrawers include bankrupt lender Celsius, Figment, and Satofishi.
Centralized exchanges — Kraken, Coinbase, Binance, and Gemini — dominate the pending withdrawal queue. These platforms collectively represent 78% of entities awaiting withdrawals, with 736,500 ETH still in the queue as of April 17. The reasons are partly structural and partly regulatory: the SEC’s crackdown on staking-as-a-service has forced US-based exchanges to unwind their staking programs to remain compliant with securities regulations.
Looking Ahead: 866,850 ETH Still in Queue
According to Token Unlocks data, 866,850 ETH — valued at approximately $1.81 billion — remains in the withdrawal queue from 471,370 validators. While this represents a significant amount, the fact that ETH has continued to climb suggests the market has already priced in these outflows. With 579,000 active validators and roughly 18.5 million ETH staked (about 15% of the total supply), Ethereum’s proof-of-stake consensus layer remains robust and well-capitalized.
Why This Matters
The Shapella upgrade was always going to be a stress test for Ethereum’s staking economics. The fact that withdrawals crossed 1 million ETH while the price simultaneously hit an 11-month high is a powerful validation of the network’s design. New depositors are entering the staking market faster than the initial wave of withdrawals suggested they would. The narrative has shifted from “will there be a mass sell-off?” to “Ethereum staking is working exactly as intended.” For altcoin investors, the successful execution of Shapella — and the market’s bullish response — reinforces Ethereum’s position as the dominant smart contract platform and a legitimate yield-generating asset.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
1.04M ETH withdrawn and the price went UP 12%. every single “analyst” who predicted a massive selloff owes their readers an apology
only a 3.8% net decline in staked ETH. the sell pressure everyone feared was a nothingburger. ETH staking is sticky
380,420 ETH deposited back in just the first few days. people werent selling, they were rotating validators. big difference
Lido handling 25% of withdrawals makes sense given their market share. but the concentration risk is still concerning long term
392,801 ETH withdrawn on April 15 alone. that was the big panic day. and yet the price barely dipped. tells you everything about demand absorption