Shapella Upgrade: Ethereum Unstaked Risk Eliminated, Price Stable

• Shapella upgrade enabled the first-ever withdrawals of staked Ether from Beacon Chain.
• Withdrawals have been minimal and deposits almost matched the amount of ETH coming into circulation.
• Risk of being unable to withdraw is eliminated, resulting in more deposits.

Shapella Upgrades Enable Ethereum Withdrawals

The Shapella upgrades enabled the very first withdrawals of staked Ether from the Beacon Chain. However, some experts speculated that the activation of withdrawals could lead to a price drop due to selling pressure on ETH post-withdrawal.

ETH Deposits Match Amount Coming Into Circulation

Data suggest that withdrawals have been minimal and have so far been matched with inflows. The risk of being unable to withdraw has been eliminated, resulting in more deposits and thus offsetting any potential selling pressure from withdrawals.

Analysis Of Ethereum Post-Shapella Upgrade

According to Nansen’s recent report that analyzed the state of Ethereum post-Shapella, it was observed that the elimination of unstaking risks has thus far offset any selling pressure from withdrawals. Additionally, a significant proportion of withdrawn ETH is likely not intended for selling.

Net Zero Impact On Staked ETH

The report stated that there are 19.3M ETH including rewards on the Beacon Chain today, which is equivalent to the amount before Shapella upgrade implementation – indicating a net zero impact on ETH staked after this event.


Overall, data suggest that activating staked Ether withdrawals had no significant impact on Ethereum’s price or its overall market condition after Shapella upgrades were implemented as inflows largely matched outflows and withdrawal risks were eliminated leading to increased deposits.