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After Shanghai Upgrade, ETH Passes $2k

Coindesk | Sam Reynolds, Omkar Godbole Apr 13, 2023

ETH Deposits vs Withdrawals - After Shanghai Upgrade, ETH Passes $2k

We are seeing a sell the rumor buy the fact redux, one observer said, explaining ether's post-Shanghai upgrade rally.

  • Ether rose to $2,003 on Thursday, reaching the highest point since August. The rally to an eight-month high comes off the back of a successful network upgrade called Shanghai, or Shapella. The upgrade implemented during Asian hours enables withdrawals for users who have staked their ether, a process that helps secure and validate transactions on the blockchain.
  • Heading into the pivotal hard fork, analysts were divided on how the backward-incompatible upgrade would influence ether's price, with some anticipating an investor rush to liquidate holdings.

See:  PayPal Launches MetaMask Web3 Wallet Integration to Enable Ethereum Transactions

  • Overall the demand for unstaking ether has been moderate, as a sizable portion is currently held at a loss. The biggest unstaker so far has been Kraken, which is shutting down its staking service for U.S. users as part of a settlement with the Securities and Exchange Commission.
    • Over 77% of ETH being withdrawn has been from the exchange Kraken and the majority of withdrawn ETH by validators outside of this is rewards, not rewards plus original stake. This is a more constructive than the market had potentially anticipated.

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