The impending unlocking of $ETH locked in the Ethereum network since December 2020 may see some holders rushing to liquidate their holdings, which could bring $2.4 billion worth of selling pressure to the market. Reports godbole17.
in the market is that the impending unlocking of ETH deposited in the network to boost security in return for rewards will see some holders rush to exchanges to liquidate their tokens.
More than 18 million ether has been staked in the network since the Beacon Chain went live in December 2020. Per K33, San Francisco-based cryptocurrency exchange Kraken, which recently came under the regulatory hammer for failing to register the offer and sale of their crypto-asset staking-as-a-service program, is likely to unstake all ETH staked by stateside investors. At press time, the number of ETH staked through Kraken was 1.2 million.
Partial withdrawals are likely to take between 5-6 days to process, and full withdrawals three weeks and four months, according to an analysis by 21Shares.
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