The world’s largest crypto exchange Binance announces initiating staked Ethereum (ETH) withdrawals and BETH redemption. The crypto exchange last week revealed that users can redeem their staked ETH a week after the Ethereum Shanghai (Shapella) upgrade. Will the staked Ethereum withdrawals push more selling pressure on the ETH price.

Crypto exchange Binance in a tweet on April 19 revealed that it is enabling the withdrawal function for ETH 2.0 staking. The participants who staked Ethereum with Binance can redeem ETH with their BETH holdings at a 1:1 ratio from the ETH 2.0 staking page.

After availing an ETH withdrawal request, users can’t cancel their requests after submission. Due to processing limitations on the Ethereum network, staked ETH withdrawals request can take 15 days to several weeks. While making a withdrawal request, a customer can view the expected distribution date.

ETH price fell 7% in the last 24 hours, with the price currently trading at $1,979. The 24-hour low and high are $1,967 and $2,114, respectively. Furthermore, the trading volume has increased 30% in the last 24 hours as more longs are liquidated amid rising inflation fears. Binance withdrawals are expected to put further pressure on ETH price, but restaking with other protocols such as Rocket Pool with balance the pressure as it is now offering staking with just 8 ETH.

(By Varinder Singh)