Ethereum's Shapella Upgrade Complete
The Ethereum mainnet has completed its Shapella upgrade, allowing validators to finally withdraw their staked Ether on the Beacon chain. This successful execution is a significant step for Ethereum, as it enables validators to access their staked funds and provides an opportunity for ETH holders to move assets into Ethereum staking pools.
At the time of writing, a total of 126,955.07 ETH had been withdrawn by validators. Of the 559,549 active validators, about 44% of them, or 248,043 validators, have the ability to request a partial or full withdrawal. The majority of withdrawals currently vary between 2.8-3.2 ETH, indicating that most validators are only withdrawing their staking rewards.
The average price of staked ETH is $3,149, which could be a reason why validators are not withdrawing the whole amount. Additionally, the ETH price is currently trading just under $2,000, with the price acting as a key resistance. However, major crypto exchanges have announced their support for ETH unstaking, with several already processing withdrawal requests.
Coinbase, the world's first publicly listed crypto exchange, has announced that ETH unstaking is now live on their platform. BitGo's Chief Operating Officer Chen Fang also took to Twitter to announce that the exchange has successfully upgraded to Shapella, and ETH withdrawals are now live on the platform.
Kraken, on the other hand, began withdrawing validators for their United States customers on April 11th and began processing withdrawals of ETH after the completion of the Shapella upgrade. This early withdrawal of validators by the exchange was caused by the U.S. Securities and Exchange Commission action brought against Kraken's Ethereum staking product back in
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