Recently, the Ethereum blockchain network went through an upgrade that was highly anticipated, it was called the Shanghai hardfork. It was this upgrade that permitted investors to for the first time, withdraw their staked ETH for the first time since the launch of the Beacon chain. Many analysts predicted that ETH will experience a sell-off following the upgrade, but the opposite has been the case.

As Ether (ETH), has continued to hit new landmarks, with the Ethereum Staking Contract receiving a deposit of more than 19.3 million ETH.
The upsurge in the number of deposits into the Staking Contract has shown that the confidence of investors in Ethereum did not go down since the Shapella upgrade but instead has continued to grow. According to crypto analysts, in the past week, there was a record weekly inflow of Ether deposits due to the Ethereum Shanghai upgrade. The bulk of these deposits were via institutional staking service providers, coupled with investors who reinvested their rewards after making withdrawals.

According to data from Dune Analytics, a record 571,950 ETH tokens was deposited into staking contracts by investors, which is worth more than $1 billion, according to 21Shares. This outcome is a sign that the Ethereum ecosystem is flourishing and that the cryptocurrency industry is maturing. The continuous growth of the Ethereum blockchain network and its cryptocurrency is proof that the Ethereum team is working hard, coupled with the dedication of its investors.

Also, withdrawals on Ethereum staking have been monitored closely since the Shapella upgrade. Although there have been a few staking withdrawals, they had no significant impact on the overall strength of the Ethereum ecosystem. According to crypto analytics firm Nansen, crypto exchanges Coinbase and Kraken have witnessed a total of 870,688 ETH withdrawals collectively, which constitutes 78.3 percent of all major withdrawals from ETH staking. This is a sign that a good number of investors are still holding onto their ETH and are positive about the long-term growth potential of the cryptocurrency.

The latest performance of Ether (ETH) is worthy of note. The cryptocurrency currently trading at a price around $1,900 levels, which is a strong sign of its resilience in the market. The ecosystem of Ethereum continues to advance, with its cryptocurrency establishing itself as one of the most promising and valuable assets in the cryptocurrency industry.
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