Ether (ETH) withdrawals surpassed 1 million tokens on Sunday night, despite concerns that the recently-implemented Shappella upgrade would have a bearish effect on the Ethereum native token. Shappella, which allows investors to withdraw their staked ether on the Ethereum blockchain, was thought by some to be a "sell the news" event that could negatively impact ether prices. However, selling has remained low so far, with users restaking the ether or sending it to exchanges. Some wallets withdrew and restaked over 34,000 ether, valued at over $72 million, while others withdrew over 50,000 ether and deposited over 5,000 ether on a crypto exchange's Ethereum staking tool. Ether remains above $2,000 during Asian trading hours on Monday.

(By Shaurya Malwa)

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