Post-Shanghai Upgrade: Nearly 1 Million ETH Unlocked
Four days after Ethereum's Shanghai upgrade, data from Token Unlocks reveals a surprising trend: despite orderly user unlock requests, ETH prices continue to rise. Key metrics include:
- Staking APR: 4.99%
- Average daily unlock: $168 million
- Pending unlock volume: 885,000 ETH
- Current total staked: 17.29 million ETH
- Staking ratio: 14.98% of circulating supply (-3.95%)
- Total staking reduction: 636,000 ETH (~$1.32 billion)
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Combined pending and already withdrawn ETH totals $3.18 billion, yet daily unlocks show a declining trend, with most users opting to withdraw only partial rewards. This slowdown may also reflect Lido—the largest staking protocol—not yet enabling full withdrawals.
Nansen Data: Kraken Leads Unlock Volume
Nansen's dashboard provides additional insights compared to Token Unlocks:
- Unlocks represent 4.5% of total staked ETH
- 26,319 validators exited (~4.6% of total)
Exchange withdrawal share:
- Kraken: 46.1%
- Binance: 22.3% (second)
Grayscale Investments published a bullish analysis highlighting:
- Lower-than-expected withdrawal demand
- Reduced staking risks potentially increasing ETH demand
- Unlocks ≠sell pressure: Users may migrate to higher-yield staking options
Notably, while 1.02 million ETH were unlocked post-upgrade, 372,000 ETH were deposited. During this period, ETH gained nearly 10%—vastly outperforming BTC's 0.55% rise.
FAQs About Ethereum's Shanghai Upgrade
Q: Why hasn’t ETH price dropped despite massive unlocks?
A: The orderly unlock process and continued staking deposits demonstrate strong market confidence, with many users reinvesting rather than selling.
Q: When will Lido enable full withdrawals?
A: Lido plans to activate withdrawals in May, with stETH redemptions expected to take 1-5 days.
👉 Track ETH staking trends live
Q: How does this upgrade affect long-term ETH demand?
A: By removing staking lockup risks, Ethereum becomes more attractive to institutional investors—a net positive for price stability.
Risk Disclosure: Cryptocurrency investments carry substantial risk due to extreme price volatility. Investors may lose their entire capital. Always assess risks carefully.
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