Will the Shanghai upgrade from Ethereum lead to a dump of ETH prices? (Analysis)
Will the Shanghai upgrade from Ethereum lead to a dump of ETH prices? (Analysis)
The Shanghai upgrade from Ethereum seems to be around the corner. The core change that is implemented after completion is that ETH-Stakers can withdraw their cryptocurrency currently blocked in the ETH 2.0 smart contract.
The Beacon Deposit Contract holds almost 16 million ETH at the time of writing this article, which is worth a little more than $ 21 billion at current prices. Of course, this raises the question of whether the free spins of this sum triggers an immense sales pressure.- One of the worries is that many investors have stipulated their ETH for years and that they absolutely want to achieve the profits they have achieved from the price increase as well as from the return.
- A closer look at the on-chain numbers crawled over Lookonchian that the average price of accounts, the less than 5,000 ETH paid off, is actually higher than the current price.
With the upcoming upgrade from Ethereum Shanghai, some investors fear that the opening of staking withdrawals will exert sales pressure on ETH.
We analyze investors who deposit less than 5000 ETH and the average price that ETH makes to the Beacon Deposit Contract is $ 2,260
- Of course that does not mean that the investors in question would not sell their ETH, albeit with loss, but it probably makes it a little less likely.
- At the same time, it is also important to note that it is unlikely that the withdrawals will be activated at once.
- It has already been mentioned that users can withdraw over time. Meanwhile, Consensys product manager Matt Nelson explained in our last podcast in detail what the scope of Shanghai could be and how it would be implemented.
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