Ethereum on-chain data forecasts the withdrawal of 1.4M ETH over the next few days
ETH price rallied as deposits briefly surged after the Shapella, but on-chain data suggests that 1.4 million ETH will be withdrawn in the short-term.
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ETH price rallied as deposits briefly surged after the Shapella, but on-chain data suggests that 1.4 million ETH will be withdrawn in the short-term.
Ethereum staking withdrawals are picking momentum. But they have not been able to cause a major selloff as many had anticipated post the Shanghai upgrade.
Volumes from the top five Ethereum staking platforms suggest holders are hedging against the unknown until after ETH withdrawals are enabled.
The upgrade will enable staked ETH withdrawals on the Beacon Chain, completing Ethereum's transition to a PoS consensus.
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The Ethereum market has grown cautious around the long-awaited Shanghai upgrade, which will unlock 17.4 million ETH into circulation.
The upgrade is only for the Sepolia network and a subsequent upgrade for Goerli network would be introduced in March.
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A deflationary Ethereum supply does not necessarily mean a bullish market for ETH, at least in the near term.