Will the Shanghai upgrade drive the price of ETH up or down?
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What is the Ethereum Shanghai upgrade?
The Shanghai or Shapella (Shanghai + Capella) upgrade is set to take place on April 12 in order to fully transition to a PoS (proof-of-stake) network and allow ETH validators to withdraw their staked ETH for the first time since the Beacon Chain launch in December 2020.
About 14.4% of all ETH is currently staked, which amounts to 17.7 million tokens that could be withdrawn once the upgrade takes place and thus, significantly impact the market price.
And of these 17.7 million tokens, 70% is staked in Lido Finance, which will undergo a V2 upgrade in mid-May to accommodate potential withdrawals.
Binance reports that only 5.1 million (about 31%) tokens have yielded profit and expects sell pressure to stay low.
About 14.4% of all ETH is currently staked, which amounts to 17.7 million tokens that could be withdrawn once the upgrade takes place and thus, significantly impact the market price.
And of these 17.7 million tokens, 70% is staked in Lido Finance, which will undergo a V2 upgrade in mid-May to accommodate potential withdrawals.
Binance reports that only 5.1 million (about 31%) tokens have yielded profit and expects sell pressure to stay low.
How will the Shanghai Upgrade affect the market overall?
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