Analysis of the Post-Shapella upgrade of Ethereum: Nansen

Analysis of the Post-Shapella upgrade of Ethereum: Nansen

In the run-up to the Shapella upgrades last month, many crypto experts speculated that the activation of staked ether cancellations could push down the price of the native financial value.

However, the latest data indicate that the sales pressure to the ETH was "something like a non-event after the withdrawal". This is underpinned by the fact that the deposits almost corresponded to the amount of the ETH in circulation.

Condition of Ethereum: Post Shapella

The Shapella implementation was of crucial importance, since it was for the first time that it enabled the triggered ETH from the Beacon. However, the event also triggered concerns that the non -secured ETH could be brought into circulation, which could lead to continuing sales pressure. The optimistic outlook, on the other hand, says that the risk of not being able to take off is eliminated, which leads to more deposits.

According to Nansen's latest report, which analyzed the condition of Ethereum to Shapella, it was observed that the elimination of non -deposit risks has so far compensated for sales pressure by withdrawing withdrawals. In addition, a significant part of the withdrawal ETH is probably not intended for the sale.

The report states that the upgrade had net-zero effects on ETH use.

"There are 19.3 million ETH, including rewards, on which Beacon Chain today corresponds to the amount of ETH on the Beacon Chain during Shapella upgrades, which means that it has not had any net effects on the network so far."

The payment inquiries were dominated by centralized crypto exchanges. Kraken is at the top with a withdrawal volume of more than 26 % of all ETH withdrawals since the upgrade. This is probably related to the recent official procedure against the US stock exchange setback service, which forced it to return the defined ETH to the inserts of their platform.

"Other remarkable main ethics withdrawals are Binance, Coinbase and private transactions miner: 0xffd, with 13.3 %, 12.5 % or 5.44 % of the proportion of Principal ETH." - it says in the report.

ETH since Shapella. Nansen

A month after the upgrade, the withdrawals have slowed down, and the data from Nansen indicate that the majority of companies keep their remaining credit for the time being. Companies such as Lido, Binance, Coinbase, Kiln and Stakefish recorded deposits of more than one million ether last month.

behavior of payments

nansen reported that almost 73 % of the ETH were deducted from the Beacon Chain have so far been sent to central stock exchanges. The majority of this, however, are due to the fact that CEXS take off the ETH of itself, which indicates that the majority of the tokens sent to these companies are not intended for sale. Instead, these tokens serve the internal operation of the stock exchange.

In contrast, the amount of ETH, which is sent to decentralized stock exchanges by customers, is only 1.23 % of the total share. According to Nansen, around 20 % of the deductible ETH were sent to all other addresses that are not marked as CEX, Dex, Staking or Defi, and about 6 % of all deducted ETHs were sent to re -set again.

nansen assumes that the probability is less that this cohort will take profits with them, since they still operate validator nodes and the operating premiums are automatically processed. Therefore, some ETH would return to the Beacon to achieve more yield to achieve more yield.

.