Ethereum has recently undergone significant upgrades that involve transitioning from a proof-of-work to a proof-of-stake consensus, as well as implementing the Shapella upgrade, resulting in significant changes to the network.
The introduction of withdrawing staked ETH is one of the most notable changes brought about by the Shapella upgrade. Despite concerns about a potential sell-off, the price of ETH has remained steady.
The latest data from Token Unlocks suggests that the Ethereum network is stabilizing after the Shapella upgrade. The total ETH pending withdrawal has dropped below $1 billion.
Pending Ethereum Withdrawals Drop Below $1B
According to data from Token Unlocks, as of the time of writing, the total number of pending ETH withdrawals is 491,870 coins, which is equivalent to $921 million worth of Ether. This amount is below $1 billion and significantly lower than the $3 billion worth of withdrawals recorded in mid-April. The estimated total ETH withdrawal expected over the next 11 hours stands at 71980 ETH.
The price of Ethereum has remained relatively stable over the past 24 hours. According to CoinMarketCap, at the time of writing, ETH is trading at $1,876, with a 2.93% increase in value over the last 24 hours. Additionally, the second-largest cryptocurrency has seen a 4.53% rise in value in the last 30 days and a 19.98% increase over the last 60 days.
Ultra Sound Money, a supply tracking website, reports that over the last 30 days, the ether supply has decreased yearly by .611%, which is considerably higher than the total post-Merge burn rate of .179% per year.
In the past week, the burn rate has increased even further to .884% per year. This implies that over the past seven days, more than 20,400 ether have been burned, equating to almost $37.9 million in value.