Centralized exchanges — Kraken, Binance, and Coinbase — are responsible for nearly 90% of all full Ethereum withdrawals on the Beacon Chain, according to data compiled by 21 Shares Research.
21Co research analyst Tom Wan noted that these exchanges were responsible for withdrawing more than 877,000 ETH – representing 87.5% of the total ETH that was removed entirely.
Kraken leads external auditors
In terms of validator exits, Kraken leads the list with over 15,000 validator exits. That’s three times higher than its closest entity, Binance, which only saw 5,676 validators exit — Coinbase rounds out the top three with 2,849.
Meanwhile, Chabela Nansen Dashboard It shows that these exchanges are only responsible for 77.8% – 785,742 ETH – of these complete withdrawals.
Organizational struggles that lead to withdrawals
These centralized exchanges have made complete withdrawals of ETH, and the validators’ exits are not surprising given the regulatory turmoil they face in the US.
The US Securities and Exchange Commission (SEC) has fined Kraken $30 million for failing to register its ETH service. As a result, the exchange said it is processing withdrawals for its US clients immediately.
Meanwhile, Coinbase also received Wells notice from the regulator on some of its product offerings, including the staking service. While the exchange has promised to respond, a complete exit for some auditors may be a way to limit liability.
Although Binance is not under the jurisdiction of the SEC, the exchange is also facing its share of regulatory battles with a lawsuit from the CFTC.
Pooled Ethereum deposits exceed withdrawals
Despite a series of withdrawals from these exchanges, stacked ETH deposits hit a record high of 18.85 million, according to Nansen’s Shapella. Dashboard.
Over the past 24 hours, more than 46,000 ETH has been deposited, while 24,567 ETH has been withdrawn over the same period.
BeInCrypto reported that Ethereum Staking deposits were increasing as of April 19th. This trend has continued over the past seven days, with the total value of assets locked on liquid staking protocols such as Lido, Rocket Pool and Frax Ether increasing by an average of 5%, according to DeFillama. data.
Meanwhile, according to Token Unlocks dataSince the Shanghai hard fork, the net balance of staking has only fallen by 458,170 ETH.
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