Since the Shanghai upgrade of Ethereum in December 2020, the cryptocurrency's staking feature has enabled users to withdraw their funds. In addition, Kraken's U.S. customers were removed from the system because of a regulatory action taken against the crypto exchange. Along with Coinbase, they are the top stakers with more than 55,000 ETH waiting to exit.

Surprisingly, the net amount of Ethereum being staked is positive, indicating more addresses depositing their funds than withdrawing it. There is currently 97,586 ETH or $189 million at present prices. This desire for staking may be attributed to those looking for a extra yield for an ETH-denominated asset. Additionally, it could mean less ETH available on the open market for sale.

Based on the analysis of Lido Finance, the leading provider of liquid staking, has the most of the market share with 6 million Ethereum, making up 79% of the total amount. Following behind is Coinbase at 15%. Through liquid staking, users deposit Ethereum in a protocol that then stakes on their behalf and records it via a token. This may be represented as stETH (Lido's token) and cbETH (Coinbase's token).

Overall, the Ethereum upgrade has led to a valuable takeaways of staking in the cryptocurrency. The amount of ETH being staked outnumbers that of being withdrawn with Coinbase and Lido Finance leading the way. In addition, it increases the demand of ETH and may result in less ETH accessible to the open market. As the market progresses, it will be interesting to track the levels of staking for Ethereum and the other cryptocurrencies.



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