76% of ETH is below the staking price, what were the staking data before the Shanghai upgrade?

The Shanghai upgrade will go live on the testnet at the end of February, allowing staked ETH to be withdrawn, and is expected to be a major event in the first half of 2023. Some believe that the ability to withdraw ETH may trigger a wave of selling pressure, leading to a price drop; however, others argue that this may not be the case as more people could join the staking ranks, creating a dynamic equilibrium. Moreover, many staking services already offer liquidity, giving users the opportunity to unstake.

Before the official launch of the Shanghai upgrade, let's take a look at the Ethereum staking data for 2023:

Total Staked ETH Reaches 15.94 Million, Liquid Staked ETH Accounts for 32.6%

Data shows:

• Total Staked ETH: 15,946,983
• Validators: 498,357
• Deposit Addresses: 86,928
• Staked ETH as a percentage of supply: 13.23%
• Liquid Staked ETH as a percentage of total staked: 32.6%
• ETH staked via Lido: 29.15%

Staking Behavior and Quantity Growth Slows

Looking at the weekly amount of ETH staked, peak periods were at the end of 2020, mid-2021, and early 2022, with an increase in the fourth quarter of 2022, but a continued decrease towards the end of the year.

Overall, the addresses depositing ETH for staking have been steadily increasing, with a peak in the first half of 2021, and relatively smaller increases at other times. This may be related to the many centralized institutions offering staking services.

Over 70% of ETH Prices Lower Than Before Staking

Based on the market price at the time of staking, the majority of ETH is priced lower than the current market price. Before the deadline, it was at 1272; looking at specific price ranges, the highest amount of ETH was staked at a market price of 600:

Overall, 23.6% of ETH was staked at a price lower than the current market price, while 76.4% was staked at a price higher than the current market price:

Will There Be Selling Pressure After the Shanghai Upgrade?

It is worth noting that the above data only reflects the market price at the time of staking and does not represent the cost price of ETH holders. Therefore, stakers may not incur losses. Regardless, whether to continue staking, decide to take profit, or stop loss and exit are all possible scenarios.

It may also depend on whether there are better interest rate products, investment targets, or increased demand for Ethereum applications at that time, leading to an increase in demand for ETH and choosing to exit staking. However, this also indicates an increase in the demand for ETH.

Lido Continues to Lead in Staking Services

Regarding staking service providers, the staking protocol Lido has the highest market share, followed by institutions such as exchanges Coinbase, Kraken, and Binance.

Different Staking Service Providers

• Among liquid staking service providers, Lido accounts for 80% of the staked amount. Liquid staking refers to the provision of staking certificates, offering instant liquidity.
• Within centralized exchanges, Coinbase accounts for 45.09%, Kraken for 26.26%, and Binance for 22.05%.
• Staking pool institutions are mainly represented by Staked.us and Bitcoin Suisse.