Ethereum's Shapella upgrade, which went live one week ago, has allowed users to withdraw staked ether for the first time. Since then, an average of 95,000 ETH has been deposited daily against 27,000 ETH withdrawn, and overall deposits have started to outpace withdrawals with a positive net staking balance of $53 million. The upgrade also led to a reduction in staking APR along with a general increase in the price of ether. The price of ether has since fallen, but the ether supply has continued to decrease significantly at a rate of 0.502% per year over the past 7 days, compared to 0.134% over the past 30 days. This has given rise to the burning of around 11,600 ETH in the last 7 days, amounting to a value of around $23 million at present. Ethereum began burning ether 621 days ago with the implementation of the Ethereum Improvement Proposal 1559, which burns a portion of fees generated through transactions. This week's Shapella upgrade, therefore, has unlocked a considerable sum of funds and increased the burn rate of ether subsequently.



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