Nansen Shares Updated Data: Total ETH Locked Touches All-Time High

Blockchain data and research platform Nansen has shared updated data regarding the total ETH locked. The latest data reveal that the total ETH locked has hit an all-time high since the Shapella upgrade.

🔥 Total ETH locked* hit a new all-time high since the Shapella upgrade

18,879,775 ETH locked pic.twitter.com/RVJgmy4znI

— Nansen | 📍Consensus2023 (@nansen_ai) April 24, 2023

Nansen data depicts that at present, 18,879,775 ETH are locked. Locked ETH represents the ether that is out of circulation. These include the ETH staked on the beacon chain, the ETH deposited to the beacon contract but not validating yet, and also the rewards on the beacon contract.

The blockchain data platform has also shared additional information, revealing that 894,671 ETH are waiting for a full exit. Additionally, 27,809 validators are also waiting for a full exit, according to the data. Nansen also pointed out that 86.4% of validators have updated the 0x01 withdrawal address.

The analytics platform also highlighted that there could be a potential negative balance wave as withdrawals are processed in the coming days.

On April 12th, Ethereum underwent a significant upgrade known as the Shanghai upgrade or Shapella. This upgrade brought about a major change to the platform’s mechanics after the transition to proof-of-stake (the merge). The upgrade included several Ethereum Improvement Proposals (EIPs), with a particular focus on the withdrawal of staked ETH.

While many anticipated a sell-off following the upgrade, the price in fact shot up and traded above $2,100 before falling to its current price. At press time, ETH is trading at $1,837, with a 2% drop in value over the last 24 hours, according to CoinMarketCap data. ETH is also 12.5% down over the last seven days.

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