ETH Staking Scene

    Shapella enabled unstaking recently, so what is happening to the staking scene since then?

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    The Shapella upgrade was a huge update that allowed the unstaking of ETH where the community speculated that ETH stakers will unstake and dump their ETHs since most of them are staked at loss. However, here we find out that this speculation did not come to pass, since the total staked amount is still considerably high compared to withdrawn ETHs.

    With only 20% of the validators are currently Idle (did not withdraw ETH since the upgrade), we can say that most of the ETH stakers are in it for the long run whether or not they are "forced" to hold their staking positions, since most of them had only withdrawn the interest from staking, instead of the whole position. As the effective ETH amount for any single validator cannot go higher than 32E, withdrawing the extra interests is the logical move for any active participant.

    Findings
    Net Stakes
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    Fully Exited Validator By Age Group
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    Interest Only Validator By Age Group
    1. Only a small amount of validators had fully exited their positions.
    2. Even though a total of 1M+ ETHs were unstaked, most of it were interests from staking, instead of validators quitting the staking scene.
    3. Those who fully exited their positions are mostly staked for 2+ years, and are in profit, contrary to popular belief that those who are at a loss will unstake and exit their positions.
    4. ETH stakers have a strong faith in ETH, judging by the low number of validators that fully exited compared to the ones who only withdrew interests.
    Unstaking Stats

    Here, we compare the stats for validators who fully exited their staking positions vs those who withdrew the interests from staking only. The Age Group here refers to the age of the validator, not the address which funded the validator. From the graphs, we can see that, contrary to popular belief, those who fully exited are the ones who are in profit, instead of being at a loss. The "Buy High Sell Low" mentality does not exist here. We can also see that the validators that only withdrew interests far outnumbers the ones who fully exited their positions, further cementing the fact that the validators are in for the long run.

    Despite having a sharp negative net staked amount after the Sharpella update, it has already started going to net positive again, as most of the interests are withdrawn, so deposits are piling up again.