Coinbase recently launched its wrapped staked Ether (cbETH) which was developed as a utility token to represent the Ethereum 2.0 (ETH2) cryptocurrency. Coinbase also offers people the ability to stake ETH tokens on its platform, which could be done easily by transferring the funds to their cbETH deposit address. However, the rapid withdrawal of 44,000 ETH form the cbETH address is an indication of people canceling their stake in Ethereum, which may place the price of ETH under pressure.

The intended purpose of Coinbase's cbETH was to add more liquidity to the crypto market, and give users the opportunity to access DeFi products without having to wait out the lock-up period. Additionally, cbETH can be used for other tasks that may be done directly from the Coinbase wallet.

The Ethereum network recently underwent the Shanghai upgrade which removes the lock-in period for users that want to withdraw their staked tokens from the network. Consequently, 172,000 Ether was withdrawn from the Ethereum mainnet, mostly coming from staking incentives rather than ETH.

Overall, the recent crypto news about Coinbase's cbETH and the subsequent withdrawals of Ethereum may affect the equilibrium of ETH in the near future and, consequently, its price. Currently, ETH is priced at $1,826.91, which is lower than what was seen over the past week but higher when compared to a 24-hour span.



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