More than 1 million ETH has been withdrawn from the Ethereum (ETH) blockchain following the recent Shapella upgrade, according to beaconcha.in data. Lido DAO accounted for the majority of withdrawals, while centralized exchanges like Kraken, Coinbase, Binance, and Gemini dominate the platforms awaiting withdrawals. Recent regulatory troubles in the United States have forced these platforms to withdraw their assets to remain in compliance with the Securities and Exchange Commission. Despite investors depositing 380,420 ETH, the staked ETH balance has declined by 3.8% since the upgrade, with a net decline of 657,570 ETH ($1.36 billion) in staked ETH as of press time. Ethereum has increased by more than 12% over the past week and pulled the broader market into a green run.

(By Oluwapelumi Adejumo)