Hundreds of millions of dollars worth of Ethereum (ETH) has been unstaked in the last 24 hours as the smart contract platform launches its new Shapella upgrade.
New data from crypto analytics platform Nansen reveals that over 89,000 ETH tokens, worth over $170,000,000 at time of writing, have been withdrawn from staking protocols during the last day, an action enabled by the new update.
The withdrawal spree, which started on the night of April 12th, saw the overall amount of staked ETH drop by 0.4%, bringing the number to 14.5%, according to Nansen.
The market intelligence platform also finds that the average price of staked Ethereum is $2,136, higher than its current price tag of $1,966.
The data also unveils the entities that withdrew the most Ethereum from staking since the update, the largest by far being the Lido DAO (decentralized autonomous organization), a liquid staking protocol for smart contract platforms.
Ethereum’s Shapella update, a portmanteau of “Shanghai” and “Capella,” is actually two simultaneous upgrades happening together. While the Shanghai update bolstered the platform’s execution layer, the Capella update changed its consensus layer.
The update also allowed those who staked ETH to withdraw their assets and the awards they earned from the proof-of-stake protocol.
Recently, crypto analytics platform Glassnode predicted that 170,000 ETH worth about $300 million would be sold after traders could unstake their tokens, adding that at worst, $2.95 billion worth of the top altcoin could flood the market.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vadim Sadovski