“We estimate a total of 170K ETH intended to be sold after the Shanghai upgrade,” Glassnode said in a Tuesday report, citing on-chain data. “We project that only 100K ETH of the total accumulated rewards will be withdrawn and sold.”
But bulls may have little reason to fear, as the selling pressure is likely to be absorbed quickly and have a smaller overall impact on ether prices. Shappella – a portmanteau of Shanghai and Capella, two major Ethereum network upgrades that are expected to occur simultaneously on April 12 – will allow investors to withdraw their ether staked on the Ethereum blockchain. Staked ether cannot be withdrawn or freely traded currently.
Source: Digital Coin News (digitalcoinnews.net)
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