Ethereum's highly anticipated Shapella upgrade went live last night, and within eight hours, over $1.34 billion worth of ether is waiting to be withdrawn. This is a significant development for Ethereum users and validators, as they can now withdraw their staked ether on the network. Currently, 695,750 ether is pending withdrawal, and an estimated $190 million worth of ether is expected to be withdrawn over the next 11 hours. Since the upgrade, the net staking balance has decreased by 63,150 ether, with roughly 67,710 ETH withdrawn and approximately 4,560 ETH deposited. This upgrade is a milestone event for Ethereum, as it fully transitions to a proof-of-stake consensus mechanism.

(By Adam James)