Quick Take
- Ethereum has broken $2,000 a day after the Shanghai upgrade.
- From a fundamentals point of view, it clearly shows the uncertainty has disappeared from the upgrade.
- Changes in active validators from the past two days are now positive, which saw back-to-back negative adjustments for the first time.
- The voluntary exit count seems to have subsided; the voluntary exit count on a 1-hour resolution spiked to 3,600 before dropping to 1,200 on April 13.
- In addition, Nansen data shows deposits outpaced withdrawals on April 13. Potentially investors are re-staking after simply testing the unstaking process.
- Arkham Intelligence has reported 127,400 ETH have been withdrawn ($253 million), and most withdrawals were made from Lido, which withdrew 71,800 ETH.
- Currently, more than 17.4 million ETH remain staked, equal to about 14.5% of the tokens in circulation.
![Validators: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/AV.png)
![Deposits vs Withdrawals: (Source: Nansen)](https://cryptoslate.com/wp-content/uploads/2023/04/png.png)
![Voluntary exit count: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/04/VEX.png)
![ETH Total Value Staked](https://cryptoslate.com/wp-content/uploads/2023/04/glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-2.png)
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