The Withdrawal of 1.55 Million ETH from Staking Did Not Affect Coin’s Price: Report
Glassnode analysts have concluded that the withdrawal of 48,000 validators with 1.55 million ETH from the Beacon Chain deposit contract after the activation of Shapella did not have a significant effect on the price of Ethereum.
The price of Ethereum jumped to $2,110 and then dropped into the $1,809-1,995 corridor. The experts stated that the rate of change in the number of validators corresponded to the mechanics declared by the developers, as well as the stability of the consensus mechanism since the hard fork.
They have suggested that this would reduce the risks of creating calls for engineers, which could have a positive impact on the security and economics of the network.
Glassnode’s maximum valuation of 1.54 million ETH was not reached, as Kraken (125,088 ETH) withdrew more coins than expected.
Of the total 1.08 million ETH withdrawn, 856,000 ETH (or 80%) were rewards and 232,000 ETH (20%) were for the withdrawal of the full stake.
