"ETH has to be strong, otherwise the price will fluctuate."
Cryptocurrency exchange Binance acts to allow ETH 2.0 staking withdrawal functionality, where users staking the digital asset through Binance can redeem ETH for their BETH holdings.
Following the processing limit on the ETH network, the withdrawal request of the digital asset will take 15 days or several weeks and the user cannot cancel the request at all once approved.
Although initial estimates suggested it would take a long time, the Binance team managed to complete the withdrawal request in a short time as users were able to access their funds on time.
Since the Shanghai upgrade, validators have issued 1.08 million ETH from the Beacon Chain and 598,000 digital assets have been deposited on the chain while the total pending withdrawal is 943,820 ETH worth $1.87 billion.
Additionally, the largest liquid ETH staking platform Lido Finance reported that they will start issuing staking ETH in May.
It is well known that the production of ETH staking by Binance is expected to put significant pressure on the price of the digital asset coupled with other protocols such as Rocket Pool which only allow staking of 8 ETH.
As of this writing, ETH price has plunged over 7.03% to $1,946 in the last 24 hours with a market cap of $232 billion but still posted a gain of around 1.52% over the last week.
