On Apr 12, 2023, amongst other Ethereum Improvement Proposals (EIPs), the Ethereum network activated EIP 4895. EIP 4895, also called the Shanghai upgrade, is considered a major upgrade to the network because it allows for withdrawals of Beacon Chain staked ETH. The Beacon Chain launched back in 2020 as a Proof-of-Stake (PoS) chain whose main purpose was to allow the staking of ETH to secure the chain, similar to other PoS chains. The Beacon Chain required 32 ETH to be staked to a validator in order for the validator to participate in the network. However, the 32 staked ETH were locked into the validator(s) where they were staked. This is what the Shanghai upgrade changed - now, staked ETH can be withdrawn and sent wherever the user wants. This significant upgrade unlocked a large amount of ETH into the market that had been previously “frozen” in the Beacon Chain. But how much ETH has been un-staked and where did it go?

Amberdata’s on-chain RPC endpoints allow us to answer this question. By querying each block, we can tell how much ETH has been un-staked on a daily basis. In addition, using this data along with our previous Staked ETH one-pager on the Beacon Chain and Lido, you can see what effect un-staking has had on yield. Naturally, there will be a point of equilibrium where the amount of ETH withdrawn affects the yield which in turn will entice ETH to be staked again. The market will decide where this equilibrium point is, but the data can help us explain why the market reacted the way it did.

Below is a graph showing the cumulative amount of un-staked ETH since EIP 4895 was implemented. You can reconstruct this graph and further analyze ETH withdrawals using this Python code on our GitHub.

Additionally, we can see a total of ​​1,372,405 ETH has been withdrawn. The top two recipients of ETH withdrawals account for more than half of all withdrawals. Below we can see the top 10 recipients of ETH from the Beacon Chain.