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The price of ether (ETH) has been resilient following the Shanghai Fork (aka Shappela) last week, Coinbase (COIN) said in a research report Friday.

The total value locked (TVL) across DeFi protocol Gamma has jumped by 102% in the past month as investors attempt to secure annual returns in excess of 10% from staking.

The cryptocurrency seems to be mirroring its performance in first-half 2019, when it chalked up a triple-digit rally, marking a solid recovery from a yearlong bear market.

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Some traders are restaking the ether withdrawn since the Shapella upgrade, quashing bearish price forecasts.

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The amount of ether withdrawn since Ethereum’s Shanghai hard fork has surpassed one million coins.

The Shanghai hard fork — part of an upgrade package called Shapella — went live just before 6:30 p.m. EDT on April 12 at block height 6209536. It allowed Ethereum stakers to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020.

The total amount of withdrawn ether currently stands at 1.02 million coins, according to data from token.unlocks. Deposited ether since the Shanghai hard fork, meanwhile, stands at 373,040 — creating a net staking balance of -646,210.

Just under 15% of the total ether supply remains deposited (excluding staking rewards). This accounts for 17.30 million ether, worth roughly $36.1 billion.

The total amount of ether pending withdrawal (including rewards) fell below $2 billion after topping $3 billion yesterday. Some 877,880 ether is currently queued for withdrawal — amounting to $1.84 billion.

An estimated $62.65 million will be withdrawn over the next 11 hours, creating a daily withdrawal average of $125.23 million per day.

The price of ether remains around $2,100 per coin while staking APR — the interest rate for running an Ethereum validator — sits at just under 5%.

Updated with an additional chart.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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