ETH Tops $2,100 Despite Withdrawals Outpacing Deposits After Shanghai Upgrade

• ETH has pumped more than 10% since the Shanghai upgrade.
• The last time ETH traded over $2,100 was almost a year ago.
• ETH withdrawals have significantly outpaced deposits.

Ethereum has just activated one of its most important upgrades in history. The Shapella (Shanghai and Capella) upgrade has enabled ETH staking withdrawals and finalized the blockchain’s move to the Proof-of-Stake consensus mechanism.

Many thought that enabling ETH staking withdrawals would negatively impact the price of ETH. However, not only has ETH not been dumped, it has pumped more than 10% since Shapella went live.

ETH Tops $2,100 Despite Withdrawals Outpacing Deposits

ETH has risen significantly in the past two days since the Shapella upgrade was activated.

The native currency of the Ethereum blockchain is currently trading at $2,110, up 10% on the day, according to data from CoinGecko.

In the last seven days, ETH has been up 12%. The last time ETH traded at $2,110 or more was in May 2022, during the Terra Luna crash.

ETH is trading higher despite staking withdrawals outpacing deposits. According to TokenUnlocks, since the Shanghai upgrade, 265,840 ETH have been withdrawn and 111,970 deposited.

However, there were a few moments on Thursday when ETH deposits significantly outpaced withdrawals. For example, at 12 PM, there were 27,008 ETH deposits versus just 7,615 withdrawals, according to Nansen.

In total, there are 17.4 million ETH deposited, with 1.1 million ETH ($2.33 billion) pending to be withdrawn. TokenUnlocks estimates an additional 42,000 ETH ($88 million) will be withdrawn in the next 11 hours.

On the Flipside

• The current ETH rally might be associated with a broader rally in the financial markets. All major cryptocurrencies pumped 5-10% in the last few days. Nasdaq rose by 2% and S&P 500 by 1.33% on Thursday.

Why You Should Care

ETH has been on an upward trend in the past few weeks, proving, at least for now, that the Shanghai upgrade has been a bullish event for Ethereum.

Read more about how ETH reacted right after staking withdrawals were activated:

Ethereum Shapella Upgrade Activated: ETH Reacts to Staking Withdrawals

Read more about a recent flash loan attack on Aave:

Aave Suffers Flash Loan Exploit, $10M Drained

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• Source: https://dailycoin.com/eth-tops-despite-withdrawals-outpacing-deposits-after-shanghai-upgrade/