Ethereum Pending Withdrawals Surpass $1.6 Billion, Releasing Over 80,000 ETH Daily

The Ethereum Shapella upgrade was successfully completed on April 12, allowing stakers to withdraw their staked ETH for the first time since the launch of the Beacon Chain contract.

However, the withdrawal requests have increased rapidly in less than 24 hours, causing the amount of ETH expected to be released back into the market to rise significantly.

Currently, there are over 822,000 ETH requests for withdrawal, which is equivalent to more than $1.6 billion at current prices. Token Unlocks predicts that around 88,000 ETH could be released daily, adding over $330 million worth of liquid ETH to the market.

Despite the high withdrawal requests, only 3% of the total staked ETH has been requested for withdrawal, indicating that stakers are willing to leave their ETH locked for longer to earn more rewards.

Interestingly, instead of a decline in the price of ETH due to the anticipated sell pressure, the price has rallied over the past day, rising by 7% and poised to break through the $2,000 resistance level.

The bullish sentiment is reflected in the green weekly chart with a 5.57% gain, and the trading volume has grown by over 55% to $13.2 billion, indicating a renewed interest in Ethereum following the Shapella upgrade.