 | Ethereum has confirmed the much anticipated Shanghai Upgrade as 4/12/23. One of the biggest changes that the Shanghai Upgrade allows is the unlocking of 17,982,953 staked ETH. There has been a lot of FUD and worries about what will happen to the price of ETH when the Shanghai Upgrade is implemented and staked ETH is about to be withdrawn. Many users have had their ETH staked for over 2 years and are itching to have it unlocked. Fortunately, the developers behind Ethereum are not stupid and realize that this may happen, so they put some safeguards in place. There are two types of withdrawals that can happen, and they are rate limited.
These limits mean it will not be a free for all when ETH are withdrawn. The 50,400 ETH is ~1% of the daily trading volume of ETH. Another factor is that 30%+ of ETH are with staking derivatives. This means that it has been possible for users to sell if they have wanted. There will be some selling of ETH, but a lot of people that staked ETH are not in profit and less likely to sell for a loss. Overall, the Shanghai Upgrade was designed well, and it is a good time in the market to begin the unlocking process. [link] [comments] |
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