Ifeanyi Jesse 
111,000+ ETH Withdrawn 24 Hours Following Shanghai Upgrade
The long-awaited Shapella upgrade for the Ethereum Networks went live last night. Since then, more than 111,000 ETH have been withdrawn in just 24 hours. Also, the proof-of-stake (PoS) upgrade made it possible for users to withdraw Ethereum that they had staked.
New on-chain data from Lookonchain looked at how much ETH was withdrawn after the Shanghai upgrade. After that, data shows that 111,378 ETH, worth about $216,3 million, were taken out of circulation after the upgrade.
Just 13 hours ago, the last part of Ethereum’s switch from proof-of-work (PoW) to proof-of-stake (PoS) went live. In particular, when the Shanghai upgrade came out, more than 111,000 ETH were taken out of Ethereum in just 24 hours.
ETH Shanghai Upgrade Brings Massive Withdrawals
Data from Etherscan shows that more than 163,000 ETH have already been withdrawn. Still, this shows that users were eagerly waiting for the upgrade and were quick to take advantage of its new features.
According to U.Today, only 19,869 validators (713,195 ETH) are waiting for a full withdrawal at the moment. In particular, that number only makes up 3.5% of the whole. On the other hand, it was said that partial withdrawals were processed much faster than full withdrawals.
Also, many people think that the ETH redemptions could cause a rush of people to sell. After that, something happened that put Ether on a downward trend. But right now, the cryptocurrency is worth $1,995, which is up 3.9% from 24 hours ago.
Still, outside of 24 hours is a good place to look at cryptocurrency in the short term. Also, the 7-day chart will show how quickly the new upgrade has affected the price performance of the digital asset based on how the price reacts to it.