1.2m ETH installed on Kraken will be opened after the Shanghai upgrade

Around 1.2 million ETH is currently stored through Kraken and is awaiting release soon after the implementation of the Shanghai upgrade next month.

According to data from the analytics network Dune, there are only about 1,233,969 ETH currently stored through the Kraken cryptocurrency exchange network. Kraken, one of the largest exchange service providers, provides a home for Ethereum validators.

Data from Dune Analytics indicates that the amount of ETH accumulated on Kraken represents approximately 7.42% of the total ETH accumulated through various networks and pools. The data also shows that around 38,555 Ethereum validators are benefiting from the Kraken network.

The aforementioned stats place Kraken as the 3rd largest locked/accumulated Ethereum host, with the top covers being Lido and Coinbase. Lido currently aggregates around 151,864 validators with around 4.86 million ETH stored across the network. As such, Lido controls no less than 29.23% of the storage market share.

Coinbase has around 64,732 validators who have accumulated more than 2 million ETH. This means that the network controls 12.46% of the market share. Dune Analytics data shows that, at the moment, there are 16.62 million Ethereum deposits on storage contracts with over 519 thousand network validators.

Interestingly, the total amount of accumulated Ethereum liquidity is estimated to be around $24.5 billion based on current prices.

Based on reports, more than 16 million accumulated ETH remained locked up over the past six months after the Ethereum merger. This is because the new ethereum platform had issues that made it impossible to unlock tokens.

Will the accumulated Ethereum be unlocked?

A few months ago, crypto.news reported that Kraken had stopped unlocking ETH until the completion of the Shanghai upgrade. Kraken posted a statement about the same.

Lido, another affected network, Post a topic indicating that its users will not be able to uninstall after the merge. Lido explained that uninstallation will not become possible until 6 to 12 months after the merge due to the introduction of a new fork.

Reports indicate that Ethereum developers have set a launch date for the Shanghai upgrade in March. As such, investors who have ETH locked into Lido, Kraken, and other networks will have access to it in about a month. However, due to the massive release of ETH, some analysts are already speculating that the upgrade could cause ETH to drop.