Record $1.6 billion of staked Ethereum redemptions led by Celsius and Figment

Over 650,000 units of staked Ethereum, valued astatine astir $1.6 billion, were redeemed past week—the largest magnitude of redemption since the Shanghai Upgrade was completed past year.

A Dune Analytics dashboard shared by Tom Wan, an expert astatine 21 Shares, showed that the bankrupt crypto lender Celsius and staking work supplier Figment were the superior contributors to this important redemption surge. Together, they orchestrated withdrawals totaling 563,300 staked ETH, constituting an awesome 85% of the full redemptions during the reporting period.

Staked Ethereum Withdrawals. (Source: Tom Wan)

CryptoSlate highlighted these firms’ relation successful pushing Ethereum’s validator exits to a grounds precocious of implicit 16,000 validators connected Jan. 5. At the time, the 2 firms made up astir 75% of the full withdrawals successful the queue arsenic they planned to region much than 550,000 staked Ethereum.

Celsius antecedently revealed plans to unstake 206,300 ETH, worthy astir $470 million, arsenic portion of efforts for its bankruptcy process. The failed lender said the withdrawals would beryllium utilized to facilitate the organisation of assets to its creditors.

On the different hand, Figment was besides making important withdrawals of implicit 350,000 staked ETH connected its clients’ behalf.

Following these important withdrawals, the full magnitude of staked Ethereum present sits astatine 28.9 million, according to Nansen’s Ethereum Shanghai (Shapella) Upgrade dashboard.

ETH’s terms unaffected

The staked Ethereum withdrawal enactment did not negatively interaction ETH’s terms show during the past week, arsenic the integer asset’s worth roseate by astir 12% to a highest of $2700, its highest worth since May 2022.

Suggestions that the U.S. Securities and Exchange Commission could o.k. a spot Ethereum exchange-traded money (ETF) pursuing akin approvals granted to Bitcoin ETFs person contributed to this upward terms movement.

Larry Fink, the CEO of plus absorption steadfast BlackRock, further fueled the optimism erstwhile helium said helium saw “value successful having an Ethereum ETF” during an interrogation with CNBC.

Data from Polymarket shows that astir 55% of bets connected the level expect an Ethereum ETF support by the extremity of May.

The station Record $1.6 cardinal of staked Ethereum redemptions led by Celsius and Figment appeared archetypal connected CryptoSlate.