Nansen Lists Key Indicators Ahead of Ethereum’s Shanghai Upgrade
- Nansen released an update on what investors should look for ahead of the Ethereum Shanghai upgrade.
- Total ETH deposited, prices, and the selling pressure will affect the Ethereum market after the Shanghai upgrade.
- Shanghai upgrade on the Ethereum network will allow network validators to withdraw staked ETH.
Nansen, the on-chain analytics platform, has released an update on what investors should look for ahead of the Ethereum Shanghai upgrade. In a Twitter thread, Nansen expounded on the total ETH deposited, prices at ETH deposits, and the ETH selling pressure as the three crucial factors to affect the Ethereum market after the Shanghai upgrade.
4/ Currently, 24.5% of all staked ETH belongs to illiquid stakers that are in profit, totaling approximately 4.1M ETH ($6.9B).
— Nansen
This is arguably the category most likely to sell when withdrawals are enabled at the Shanghai upgrade. pic.twitter.com/MVjIJuPpqL(@nansen_ai) February 22, 2023
Shanghai, also known as Shapella, is an upgrade on the Ethereum network that will allow network validators to withdraw staked ETH. It is a new feature not enabled during the transition to a Proof-of-Stake (PoS) consensus. …
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