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Total ETH Locked Reaches All-Time High Post Shapella Upgrade

Nansen's updated data reveals a record-breaking amount of ETH locked following Ethereum's Shapella upgrade, highlighting key blockchain metrics.
Published on 2023-04-24

ETH Locked Hits Record High

Recent data from blockchain analytics platform Nansen shows that the total amount of Ethereum (ETH) locked has reached an all-time high of 18,879,775 ETH. This figure represents the sum of ETH involved in various blockchain activities, including those staked on the beacon chain and rewards on the beacon contract. This significant milestone comes after Ethereum's Shapella upgrade, which marked a pivotal change in the network's functionality.

Shapella Upgrade Impact

The Shapella upgrade, completed on April 12th, introduced vital changes to Ethereum's mechanics, particularly influenced by its transition to a proof-of-stake consensus mechanism. This upgrade incorporated several Ethereum Improvement Proposals (EIPs), focusing on staked ETH withdrawals. Despite initial concerns about a potential sell-off, the upgrade saw ETH prices surge above $2,100 before stabilizing at $1,837.

Validator and Withdrawal Insights

Nansen's data further reveals that 894,671 ETH are currently queued for a full exit, with 27,809 validators awaiting the same process. Additionally, 86.4% of validators have updated their 0x01 withdrawal addresses, suggesting readiness for future withdrawals. The platform also anticipates possible negative balance shifts as withdrawals proceed, reflecting the dynamic nature of blockchain operations.

Market Fluctuations

In the days following the Shapella upgrade, ETH's market performance has shown volatility. The cryptocurrency experienced a 2% drop over the past 24 hours and a 12.5% decline over the week. This fluctuation underscores the market's complex response to major network upgrades and the evolving landscape of cryptocurrency investments.

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