According to IntoTheBlock, after the Shapella update, more than one million Ethereum (ETH) were removed from the staking contract. This is a combination of the words “Shanghai” and “Capella,” two updates that were released concurrently. The staking contract has received 650,000 ETH worth $1.21 billion, resulting in net withdrawals of 720,000 ETH worth $1.34 billion. After Shapella, institutional staking providers and centralised crypto exchanges experienced a rise in ETH deposits; at now, Huobi, a cryptocurrency exchange situated in Hong Kong, accounts for 5.40% of all ETH staked. The stake share of US-based cryptocurrency exchange Coinbase decreased by close to 50%.
Over $2,560,000,000 in Ethereum Withdrawn From Staking Contract Following Shapella Upgrade: IntoTheBlock
