Kraken has initiated the largest amount of Ether withdrawals since the Ethereum blockchain's Shanghai upgrade that allows such withdrawals. The exchange has registered to withdraw 556,272 Ether worth around $1.17 billion, accounting for 63.3% of all staked Ether in the withdrawal queue. Coinbase and Huobi have also initiated withdrawals, but other than centralized exchanges, there has not been a significant volume of withdrawals. As of 1:30 p.m. in Hong Kong, more than 1 million Ether are in the queue for withdrawal. Despite concerns of a rush to withdraw and cash in the token, CryptoQuant does not expect a flood of Ether sales, as the majority of staked Ether is still holding losses compared to Ether prices when it was staked.

(By TIMMY SHEN)