Concerns of an Ether sell-off following the Shanghai upgrade are overblown - Glassnode Shanghai hardfork staking
- The latest upgrade to the Ethereum network, the Shanghai hard fork, has raised concerns for some in the crypto community who worry that enabling the ability to withdraw Ether staked on the Beacon Chain will result in a massive sell-off in the price of ETH.
While these figures are projections, the firm also noted that even if the maximum amount of rewards and staked Ether were withdrawn and sold, the sell-side volume would fall within range of the average weekly exchange inflow volume. According to the data, the firm indicated that only 253 depositors are waiting to exit their stake and highlighted that there are several mechanisms in place to prevent a flood of Ether supply from hitting the market all at once.
In total, Glassnode determined that there is an accumulated total of 45,098 Ether, worth approximately $83.3 million, that will be made available to stakers and available for withdrawal.
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