What Happened on April. 12th | $ETH Selling Pressure After Shanghai Upgrade

TI Research

The Shanghai upgrade takes effect on April 12 at 10:30 pm UTC and $ETH can be unlocked from staking. Analytical firm Glassnode predicts less than 1% of staked ETH estimated to sell after Shanghai upgrade

Just 170,000 Ether of the total 18.1 million $ETH staked on the Beacon Chain will be unlocked within the first week of the Shanghai hard fork being executed on Ethereum, Glassnode has predicted.

The figure comprises 100,000 Ether ($190 million) worth of staking rewards and 70,000 $ETH worth of staked Ether ($133 million), the on-chain intelligence platform predicted in its April 11 report.

Glassnode backed up its prediction by explaining that only 253 depositors are waiting to exit their stake and that a few mechanisms are in place to prevent a flood of Ether supply from hitting the market all at once.

Glassnode confident the hard fork will not have a “dramatic” impact on Ether’s price action:

Even in the most extreme case of an exodus of validators, Ethereum’s design of the Proof-of-Stake exit queue will limit the amount of stake that can be drained form the pool at once. Therefore the economic impact of such an even would be stretched out over days to weeks.

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