Data: Kraken and Coinbase account for 78.3% of the total principal withdrawal after Ethereum upgrade

04/25/2023 03:48 • Daily Digest • 68 views

On April 25th, according to Nansen data, Kraken and Coinbase were the top two institutions to withdraw principal after the upgrade of Ethereum Shanghai. The two institutions withdrew a total of 870688 ETHs, accounting for 78.3% of the total principal withdrawal amount.

Data: Kraken and Coinbase account for 78.3% of the total principal withdrawal after Ethereum upgrade

I. Introduction
A. Explanation of the Nansen data
B. Brief info on Kraken and Coinbase
II. Understanding the Ethereum Shanghai upgrade
A. Explanation of the upgrade
B. Benefits of the upgrade
III. The impact of the upgrade on Kraken and Coinbase
A. Withdrawal amounts
B. The reason for withdrawals
IV. Who is affected by the withdrawals?
A. Implications for investors
B. Effects on other exchanges
V. The future of Ethereum Shanghai
A. Upcoming developments
B. Potential benefits and risks
VI. Conclusion
A. Recap of main findings
B. Final thoughts on the topic
# On April 25th, Kraken and Coinbase Withdraw Over 870k ETH After Ethereum Shanghai Upgrade
Nansen data has revealed that Kraken and Coinbase, two leading institutions in the cryptocurrency market, were the top two institutions to withdraw principal after the upgrade of Ethereum Shanghai. The total amount withdrawn was 870,688 ETHs, which accounts for 78.3% of the total principal withdrawal amount.

Introduction

To those unfamiliar with Nansen data or Kraken and Coinbase, let’s first provide a brief overview. Nansen is a blockchain data analytics company that provides insights and information about the cryptocurrency market. Kraken is a US-based cryptocurrency exchange that has gained a reputation for its security and exceptional liquidity, while Coinbase is a San Francisco-based cryptocurrency exchange that is known for making cryptocurrency investment accessible to all.

Understanding the Ethereum Shanghai upgrade

The Ethereum Shanghai upgrade, also known as the Berlin hard fork, was one of the most significant changes made to the Ethereum blockchain in recent years. It aimed to improve the speed and scalability of the network, as well as further secure the platform for decentralized applications (dApps).
The benefits of the upgrade include faster transaction times, lower gas fees, and improved security. It also introduced a new programming language called EIP-2565.

The impact of the upgrade on Kraken and Coinbase

According to Nansen data, Kraken and Coinbase were the top two institutions to withdraw principal after the upgrade of Ethereum Shanghai. The total amount withdrawn was 870,688 ETHs, which accounts for 78.3% of the total principal withdrawal amount.
It’s unclear why these two institutions chose to withdraw such a large amount of ETH. However, it’s likely that they did so to ensure the safety of their assets amid the changes brought about by the Ethereum Shanghai upgrade.

Who is affected by the withdrawals?

Investors in Kraken and Coinbase are most directly impacted by the withdrawals, as they may face challenges while trading ETH on the exchanges. Moreover, there may be an impact on other cryptocurrency exchanges, as the withdrawal of such a significant amount of funds could lead to volatility in the market.

The future of Ethereum Shanghai

The future of Ethereum Shanghai looks promising, as upcoming updates promise further improvements to the network’s speed and scalability. EIP-1559, set to launch in July 2021, is expected to reduce gas fees further and increase liquidity on the network.
However, there are also potential risks and challenges associated with these upgrades. It will be important for investors to stay informed about any changes and developments in the Ethereum network.

Conclusion

The withdrawal of 870,688 ETHs by Kraken and Coinbase after the Ethereum Shanghai upgrade has raised questions about the safety and security of the Ethereum network. However, with upcoming upgrades and new developments on the horizon, it’s important to stay informed and aware of any risks associated with investing in ETH.

FAQs

1. Will the Ethereum Shanghai upgrade impact the price of ETH?
The Ethereum Shanghai upgrade is unlikely to have a direct impact on the price of ETH. However, the withdrawal by Kraken and Coinbase could lead to volatility in the market.
2. How do I stay informed about Ethereum developments?
There are a variety of online resources available for staying informed about Ethereum developments, including blockchain news websites and cryptocurrency forums. It’s also important to follow the official Ethereum Twitter account and check for updates on the Ethereum website.
3. Should I invest in ETH after the upgrades?
Investing in ETH can be a high-risk, high-reward proposition. It’s important to carefully assess your investment goals, risk tolerance, and investment timeline before making any investment decisions.

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