The Ethereum blockchain network’s recent upgrade in Shanghai has significantly increased ETH withdrawals and re-stakings. According to Lookonchain, the total value of ETH withdrawn amounted to $2.15B, equivalent to 1,024,099 tokens. The withdrawal and staking addresses that topped the list revealed some interesting findings.
Out of the top 15 withdrawal addresses, only three chose to reinvest their ETH after withdrawing, which amounted to 19,844 ETH. On the other hand, three addresses transferred their ETH to a centralized exchange (CEX) after withdrawing, which amounted to 71,444 ETH. This suggests that a substantial portion of the withdrawn ETH was sold instead of reinvested.
Based on Lookonchain’s analysis, the address “0x08De” has been highly active in recent ETH withdrawals and re-stakings. The news reports that this address withdrew a substantial amount of 50,956 ETH and transferred a smaller amount of 5,572 ETH to the Huobi ETH2 Staking address, indicating an interest in staking.
However, the exact address also moved a significant amount of 45,000 ETH to another destination. This suggests the holder may be more interested in selling off their ETH holdings than staking them.
