The Balance of Ethereum Staking Deposits Exceeds Withdrawals

Ethereum staking activity is on the rise again, with deposits now surpassing withdrawals resulting in an increase in the amount of staked Ethereum on the Beacon Chain. According to the Nansen Shapella dashboard, ETH deposits surpassed withdrawals on April 17 and have remained above them since. Token Unlocks reports that 1.08 million ETH has been withdrawn so far, while 575,000 ETH has been staked since the Shapella upgrade last week, resulting in a total staking balance only falling by around 500,000 ETH. If the trend continues, the total amount of Ethereum staked will increase. However, a sizable chunk is still in the pending withdrawal queue, with 979 million ETH waiting to be withdrawn, largely from Kraken staking services shuttered by US regulators. Experts suggest that a surge in Ethereum staking is not necessarily a good thing, as low levels of staking could be bullish for the asset. Meanwhile, ETH prices have held above $2,000 for the past week but are facing strong resistance at current levels.