Ethereum: Shanghai Upgrade's full impact yet to occur? This data suggests...
Going through withdrawal. There are many reasons for the same, one of them being the changing of withdrawal credentials.
For ETH withdrawals to be possible, validators are required to change their withdrawal credential prefixes from 0x00 to 0x01. During the Shanghai launch, only about 40% of validators had set their credentials to 0x01. However, this figure has since increased to 82.3% and is expected to reach 100% in due course.Another reason for the delay in addresses getting a hold of their staked ETH is that there is a 27-hour wait to make a full withdrawal on the network.
The high time limit is kept in place so that multiple validators don’t exit all at once, as that could pose a threat to Ethereum’s network security.After all the addresses have unstaked their Ethereum, the chances of a sell-off could be high. Santiment’s data suggested that the pres time MVRV ratio of stakers’ ETH has been increasing significantly. This implied that most of the addresses that have unstaked their ETH are profitable.
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