Ethereum’s Shanghai upgrade was live on Thursday, Asia Time, allowing those who have staked ether (ETH) the ability to start the withdrawal process.

Kraken is the leader in the exit queue, according to data from Rated network explorer. reports that the number of validators waiting in the exit line has exceeded 15,000 at the time of press.


Kraken’s dominance in the unstaking queue was expected given the legal issues the company has had with the Securities and Exchange Commission of the United States.

In February , the SEC determined that Kraken’s stake offerings but not other staking programmes were unregistered securities.

The SEC released a press release in February alleging that Kraken boasts about its easy-to-use staking program and the benefits it offers to investors. This includes Kraken’s strategies for obtaining regular investment returns and payouts.

Kraken settled with the SEC at $30 million.

On-chain data suggests that very little ether has been withdrawn, with only a -0.25% change in staked ether. According to, data , on-chain data shows that very little ether was withdrawn. There has only been a -0.25% difference in staked.


CryptoQuant reported in March that 60% of staked ether was held at a losses and that selling pressure would be low on ether after the Shanghai upgrade.

Andrew Thurman, Nansen’s , noted on Twitter “the majority [of withdrawals] are [addresses] to withdrawing their reward and not their full stake”.

Nansen’s latest data shows that the average value of ether staked on Lido is $2,552. Around 31% of ether deposits are made on Lido, a liquid staking system.


Data shows that 4,35 million ether or 24% is staked above $3000. This price level has not been seen since April 20,22.

According to CoinDesk’s pricing data, Ether currently trades for $1 916.