Ethereum validator withdrawals

Supply surge dynamics from partial withdrawals and validator exits

February 2023 Update:

The original piece was written during the height of the Celsius recursive stETH trade and paints a more bearish picture than I think is now justified (six-months later). With the rise of liquid staking derivatives I suspect that the withdrawals unlock exodus event will be more mild than the following analysis suggests.

The process has also moderately changed. The most recent consensus specs are available here. A FAQ thread based on the process is available here.

Detailed modern analysis is available here:

Partial withdrawals after the Shanghai fork

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