The Ethereum community is buzzing with excitement as the Shapella upgrade is finally completed. This upgrade marks a significant milestone for the Beacon Chain contract and stakers are now able to withdraw their staked ETH for the first time.

However, the rate of withdrawal requests has accelerated in less than 24 hours since the upgrade, causing the amount of ETH expected to be released back into circulation to rise sharply.

According to reports, over 822,000 ETH has been requested for withdrawal since the Shapella upgrade was implemented, translating to a value of more than $1.6 billion at current prices.

Token Unlocks estimated that approximately 88,000 ETH could be released into the market each day, worth over $330 million.

However, less than 3% of the total staked ETH has been requested for withdrawal, suggesting that stakers are willing to leave their ETH locked for longer periods to earn more rewards.

Despite initial expectations that withdrawals would trigger a decline in ETH’s price by putting significant sell pressure on the market, the opposite has been the case.

ETH’s price has rallied by around 7% in the past day, approaching the coveted $2,000 resistance. The digital asset is also showing a 5.57% gain on the weekly chart, indicating heightened bullish sentiment among investors.

This increased interest in Ethereum is also evidenced by a 55% growth in trading volume, which is now sitting at $13.2 billion. The Shapella upgrade has undoubtedly sparked new interest in ETH, leading to renewed confidence in the digital asset’s potential for growth and value appreciation.