Ethereum Shanghai Upgrade Crashing Market?🔥
The impact of these two events on Ethereum's price performance remains uncertain
Ethereum, the world's second largest cryptocurrency, is bracing for a potentially significant price reaction as the highly anticipated Shanghai update draws nearer. This update comes at a time when the volatility of Ethereum is gradually decreasing, and a massive $34 billion worth of Ether is set to be unlocked from staking contracts. The impact of these two events on Ethereum's price performance remains uncertain, and market participants are closely watching for any signs of movement.
PBN Research
Investigating the Unlock
https://insights.glassnode.com/the-week-onchain-week-15-2023/
Even in the extreme case where the maximum amount of rewards and stake are withdrawn and sold, the sell-side volume still falls within the range of the average weekly exchange inflow volume
ETH Traders Show Uncertainty
Kaiko’s report shows that ETH is lagging behind Bitcoin BTC $29,912 in spot and futures trading volumes, while options market data shows traders are actively adding short-term hedging positions.
ETH Bloomberg
Coin Metrics estimates that in the five days after Shanghai, users will withdraw a massive 1.2 million Ether, worth nearly $2.3 billion. It’s a good bet that many of these coins will be re-staked.