2. Staked vs. Unstaked ETH

As the withdrawping was gaining volume, so did the staking alongside it. 4 hours after the unstaking peak hour passed (12k ETH unstaked) on the morning of April 13th (UTC), the peak staking hour at noon UTC of the same day saw as much as 27k ETH staked.

On balance, at the time of this writing (start of April 14th in UTC), 101k ETH was staked vs. 226k ETH unstaked since Shanghai (-125k ETH total since the upgrade). The charts auto-update every 3 hours, allowing this comparison to remain current.

1. Unstaking ETH

Since the Shapella (Shanghai on the execution layer + Capella on the consensus layer) upgrade successfully took place on Ethereum on 12 April 2023, between 5k and 12k ETH has been unstaked per hour.

Total 214k ETH was unstaked in the first 24 hours.

After the first 12 hours, the unstaking (outflow) trend appeared to be on the decline.

3. Institutional Unstaking

At the time of this writing, Lido represents 65% of all withdrawn ETH from the Beacon chain so far (154k out of 238k), and over 83% of all destination addresses labeled in Flipside data.

Known institutional addresses (in Flipside data) represent 79% of all withdrawals at the time of analysis (189.4k out of 237.9k). The charts auto-update every 3 hours, allowing this data to remain current.

4. Unstakers Send More ETH to Uniswap

Out of the wallets that withdrew and transferred staked ETH since Shanghai, over 98% of those transfers went to DEXes, mostly Uniswap.

Uniswap sent amount represented over 423k ETH, almost double of the withdrawn Beacon ETH.

A number of transactions, although not the majority, headed to CEXes including Kraken, Coinbase, Huobi, Binance, and others.

Select transactions' destinations (among the destination addresses that are labeled in Flipside data) headed to other forms of staked ETH (liquid).

5. Outflow amount

The overwhelming amount of Beacon chain unstake transactions is under 5 ETH per tx - just the rewards flowing out!