Following the Shapella upgrade of Ethereum, which combined the Shanghai and Capella network upgrades, over 1 million ether (ETH) tokens have been withdrawn.
However, contrary to some analysts’ expectations of a bearish event, ether prices have remained robust, hitting an 11-month high above $2,000 and remaining there since.
Before the Shapella upgrade, users were unable to withdraw staked ether. However, with the implementation of the upgrade, users can now withdraw their staked ether at will.
While some analysts predicted that this event could negatively impact ether prices, selling pressure has remained low. Users are either restaking the withdrawn ether or sending it to exchanges for other market opportunities, rather than liquidating their holdings.
Data from on-chain tool LookOnChain shows that more than 19,000 ether from three wallets were withdrawn and quickly restaked, possibly testing the staking and restaking feature, while another batch of wallets withdrew and restaked over 34,000 ether, valued at over $72 million at current prices.
One whale addresses, “0x08De,” withdrew over 50,000 ether and deposited more than 5,572 to crypto exchange Huobi’s ETH2 staking pool.
Despite concerns about the impact of the Shapella upgrade on the Ethereum network and ether prices, the resilience of the network is evident as prices continue to hold firm above $2,000.