Ethereum has seen a surge in staked Ether after successfully implementing an upgrade known as Shapella, which enabled withdrawals for the first time from the proof-of-stake blockchain. Withdrawal requests have decreased while Ether is being staked at a fast pace, with almost double the amount of ETH being staked compared to the ETH withdrawal numbers. The trend has been contributed to by several whale accounts, which have restaked a significant quantity of ETH that was withdrawn when the Shapella upgrade went live. Over 18.6 million ETH, worth $36 billion, is locked in staking contracts following the implementation of the upgrade. Lido Finance accounted for 30.9% of Ethereum depositors, followed by Coinbase with 12.7%, Kraken with 6.9%, and Binance with 5.5%, among others. The implementation of the upgrade and the surge in staked Ether helped Ethereum climb an 11-month high above $2,100, outperforming Bitcoin to register the new local peak.
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