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# Shapella
6.28K
Chainsmoker
The record surge in Ethereum staking in May was attributed to continued US debt ceiling confidence in the dollar, as well as bank failures and high APRs offered by ETH staking. The amount of pledged ETH also reached an all-time high of 2.96 million ETH in May, accounting for approximately 2.46% of the total supply. Staked ETH spiked significantly in the month following the Shapella upgrade on April 12, allowing validators to withdraw their staked ETH after two years. At the time, many believed that a large number of unstaked ETH could be a bearish event for the Ethereum network. However, after
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