More than $350 million will be withdrawn from the Ethereum network in the next 12 hours

The Ethereum blockchain network is currently experiencing a significant volume of withdrawal requests, according to researchers at Token Unlocks. They noted that in the next 12 hours, users will be able to withdraw about 143,000 ETH, equivalent to about $350 million.

According to the company’s experts, a total of 212,000 ETH are waiting to be withdrawn, including rewards for validators who are leaving the network entirely. Notably, this state of affairs does not necessarily mean that the digital coins will definitely be sold.

The history of previous large ETH unlocks shows different impacts on the asset price. On June 25, when the ETH rate was $3,382, $590 million (167.7 thousand ETH) was unlocked. Then on July 4, at a price of $3,171, $510 million (152.2 thousand ETH) was unlocked, and on July 13, when the virtual currency quotes averaged $3,147, $690 million (218.8 thousand ETH) were unlocked. According to analysts, these events illustrate how mass unlocks can affect the price of Ether, and it is important to consider this factor in the context of the current situation:

“Withdrawals may reflect different intentions of asset holders, such as moving assets to other projects or preparing for a sale. However, not every withdrawal results in an immediate sale, which gives hope for market stability despite large volumes. The current situation around Ethereum highlights the importance of closely monitoring the actions of large network participants and the possible consequences for market dynamics.”

According to the latest data, ETH price is $2438. This figure has fallen by 4% over the past 24 hours. The digital coin’s quotes are 23.4% lower than a month ago. The asset’s market capitalization is $293.27 billion, and daily transaction volumes on the spot market reached $23.96 billion.