Ethereum Inflow to Staking Declines Due to Upcoming Shapella Upgrade: Report

Glassnode experts have observed a decline in the growth of Ethereum staking deposits due to regulatory pressure and the upcoming Shanghai-Capella (Shapella) hard fork.

The hard fork, scheduled for April 12th, proposes changes to Ethereum consensus levels and execution in order to facilitate the withdrawal of ETH from staking.

Previously, centralized sites like Kraken, Binance, and Coinbase had significant market share in staking deposits.

However, Lido DeFi platform has since taken the lead and now accounts for over 26% of the total staking cryptocurrency, while Coinbase accounts for approximately 6% and Kraken accounts for 2.3%.

According to the Dune Analytics dashboard, 18.2 million ETH are currently locked in staking, amounting to over 15% of the coin supply, with 102,000 addresses having made deposits.