The Ethereum Shanghai Upgrade And It’s Effect On Market Sell Pressure
The Shanghai upgrade of the Ethereum blockchain which many fear that the second to the largest cryptocurrency according to market capitalization will under go a severe sell pressure. But the on-chain analysis platform is having a second thought that this might not be possible in the sense that after the upgrade holders will be able to unstake their Ethereum which the selling pressure above the normal is unlikely.
In a tweet the on-chain analysis company tweeted that There is an ongoing fear that the activation of withdrawals on April 12th with the Shanghai upgrade would bring more than usual selling pressure.
However, our profit and loss analysis shows otherwise.With the current ETH prices, more than half of the staked ETH (9.7 million out of 17.9 million) is currently at a loss.For the sole reason that the significant staked ETH is currently at a loss, we believe that the selling pressure will be lower than expected.
Looking at the liquid staking solution Ludo has it’s said that their pool is underwater, with 14% of the total supply there might be little or no effect as regards market price.
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