Ethereum Upgrade Causes Delays in Unstaking Requests and Boosts Ether Price

Following the successful Shanghai upgrade, many Ethereum validators have requested to unstake their ETH from the blockchain, causing a backlog of about two weeks for withdrawals. The number of validators waiting for redemptions has grown to about 17,000 for full withdrawals and 285,000 for partial withdrawals. The Ethereum blockchain is processing withdrawals at just 55.4% of its capacity, and there are still more withdrawals than deposits. Coinbase, which holds about 12.6% of all staked ETH, will allow its users to decide if they want to unstake. ETH is up about 5% over the last 24 hours.