Breaking: Binance Enables ETH Withdrawals and BETH Redemption, Will Price Fall?
The world’s largest crypto exchange Binance announces initiating staked Ethereum (ETH) withdrawals and BETH redemption. The crypto exchange last week revealed that users can redeem their staked ETH a week after the Ethereum Shanghai (Shapella) upgrade. Will the staked Ethereum withdrawals push more selling pressure on the ETH price.
Binance Starting Ethereum Withdrawals
Crypto exchange Binance in a tweet on April 19 revealed that it is enabling the withdrawal function for ETH 2.0 staking. The participants who staked Ethereum with Binance can redeem ETH with their BETH holdings at a 1:1 ratio from the ETH 2.0 staking page.
After availing an ETH withdrawal request, users can’t cancel their requests after submission. Due to processing limitations on the Ethereum network, staked ETH withdrawals request can take 15 days to several weeks. While making a withdrawal request, a customer can view the expected distribution date.
As per a new update by Binance customer support, users will be able to get their ETH faster than earlier expected due to shorter timeframe processing.
“We completed the ETH 2.0 withdrawal process ahead of schedule. While initial estimates suggested it could take 15 days to several weeks, we made the process completed in a shorter timeframe! so our users are able to access their funds in a timely manner.”
As per TokenUnlocks data, over 1.08 million ETH are withdrawn from the Beacon Chain by validators since the Shanghai upgrade. Also, over 598k ETHs are deposited on the chain.
Moreover, the total pending withdrawals are 945.82k worth $1.87 billion. The number of validators are 487.93k, with only 27.89k validators seeking full withdrawals.
Meanwhile, Lido Finance, the largest Ethereum liquid staking platform, also announced that Lido will start staked ETH withdrawals in May.
ETH Price To Fall?
ETH price fell 7% in the last 24 hours, with the price currently trading at $1,979. The 24-hour low and high are $1,967 and $2,114, respectively. Furthermore, the trading volume has increased 30% in the last 24 hours as more longs are liquidated amid rising inflation fears.
Binance withdrawals are expected to put further pressure on ETH price, but restaking with other protocols such as Rocket Pool with balance the pressure as it is now offering staking with just 8 ETH.
Also Read: Crypto Market Selloff: Here’s Why Bitcoin, Ethereum Price Are Falling Sharply
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