Ethereum Holders Withdraw 18 Million ETH Worth IDR 25 Trillion Since Shanghai Upgrade

Ethereum, the world's second largest cryptocurrency by market cap. (Photo; Doc. Unsplash)

JAKARTA - According to the latest data, since the launch of the Shanghai and Capella upgrades, a total of US$1.7 billion (Rp25 trillion) has been withdrawn from the Ethereum betting system.

However, at the start of the second round of withdrawals, the value of Ethereum being withdrawn actually increased. The first round of withdrawals took 4.14 days to complete the queue of validators.

Recent data also shows that currently there are 18,442,455 ETH at stake, with a value of US$38.5 billion (Rp569 trillion) at the time of writing. This indicates that the ETH at stake currently accounts for 15.32 percent of total supply, and 33 percent of which is at stake with Lido.

Along with the opening of access to make withdrawals, investors have started withdrawing initial capital and yields obtained from Ethereum's stake.

For your information, Ethereum at stake can generate interest over time, and when a validator manages to generate more than 32 ETHs through yields, the amount that exceeds those limits will not be added to their initial capital. Instead, that amount will be automatically withdrawn as a yield payment every few days.

According to CryptoSlate data, the graph showing the difference between deposits and withdrawals (principal returns and funds) since the launch of the Shanghai and Capella upgrades has also attracted attention. The data shows significant changes in deposit and withdrawal patterns since the upgrade.

In addition, Ethereum's staking returns have also changed. Previously, the yield started at around 15 percent and followed the decline curve depending on the number of valid participants, until when Merger when the Ethereum network took over the process.

Currently, the yield for the validators is 4.33 percent, including the yield of consensus and transaction fees. Interestingly, the yield had risen to around 5.2 percent in the days leading up to the launch of the Shanghai and Capella upgrades, but since then it has followed the downward trend. Since Merge in September last year, Ethereum's total yield has fallen by 1.4 percent from 5.8 percent to 4.3 percent.

In addition to changes in deposits, withdrawals, and yields, the latest data also shows that the average value of Ethereum that is staked with validators has decreased since the start of the withdrawal process. In this case, 54.3 percent of ETH owners at stake are currently experiencing profits with the current Ethereum value of around 2.000 US dollars (IDR 29.6 million).