Ethereum Sees Net Withdrawals of Over 500k ETHs, Kraken Tops Withdrawal List

04/16/2023 02:11 • AI & Tech Insights • 62 views

According to reports, Token. Unlock data shows that Ethereum has made net withdrawals of over 500000 ETHs since completing its Shanghai upgrade. In addition, according to Nansen statistics, there are currently approximately 850000 ETHs waiting to be withdrawn, with Kraken accounting for approximately 46.3% of the entities waiting to be withdrawn, ranking first.

After the upgrade in Shanghai, a net withdrawal of over 500000 ETHs has been made, with approximately 850000 ETHs awaiting withdrawal

Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen net withdrawals of over 500,000 ETHs, as reported by Token. Unlock data. This comes after the completion of the Shanghai upgrade on the blockchain network. In addition, approximately 850,000 ETHs are currently waiting to be withdrawn, according to Nansen statistics. Among the entities waiting for withdrawals, Kraken tops the list, accounting for 46.3% of the total withdrawals.

What is Ethereum?

Ethereum is an open-source, decentralized blockchain platform that features Smart Contract functionality. It operates on the Ethereum Virtual Machine (EVM), which enables developers to build decentralized applications and issue tokens. Ethereum was created by Vitalik Buterin in 2015 with the goal of providing a more flexible and robust blockchain platform than the then dominant Bitcoin.

The Shanghai Upgrade

The Shanghai upgrade refers to the latest update to the Ethereum blockchain network, which took place in early December 2021. The upgrade was deemed essential to improve Ethereum’s security and scalability, providing improvements in gas fees and transaction times.

Net Withdrawals of Over 500k ETHs

Since the completion of the Shanghai upgrade, Ethereum has seen net outflows of over 500,000 ETHs. Although it is unclear why people are withdrawing their investment in Ethereum, it is suggested that the upgrade may be a contributing factor. As the upgrade is a major change to the blockchain network, some investors may choose to exit their position in Ethereum in anticipation of market volatility.

Kraken Tops Withdrawal List

Among the entities waiting to withdraw their Ethereum, Kraken accounts for 46.3% of the total withdrawals, according to Nansen statistics. Kraken, a US-based cryptocurrency exchange, is known for its low fees and high liquidity. Other major entities waiting to withdraw their Ethereum include Binance, Bitfinex, and Bybit.

Conclusion

Ethereum’s net withdrawal of over 500k ETHs since the completion of the Shanghai upgrade has drawn attention to the blockchain platform’s stability and market volatility. Kraken, as the top entity waiting to withdraw their Ethereum, represents a significant portion of the total withdrawals.

FAQs

Q: Why are people withdrawing Ethereum after the Shanghai upgrade?
A: Although there isn’t a clear reason, some investors may be exiting their position in anticipation of market volatility.
Q: What is Kraken?
A: Kraken is a US-based cryptocurrency exchange known for its low fees and high liquidity.
Q: What other entities are waiting to withdraw their Ethereum?
A: Binance, Bitfinex, and Bybit are among the other major entities waiting to withdraw their Ethereum.

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