BTC-ECHO gives the Week On-chain Report along with it glass node out of here.
On April 12, 2023, the Ethereum network underwent a major upgrade with the Shanghai/Capella hard fork. This makes it possible to withdraw ETH staked for the Proof-of-Stake consensus mechanism. After more than two years, stakers can finally receive the accumulated rewards, liquidate their stake positions or make changes to their stake setup.
Contrary to popular belief, the Ethereum market was not shaken when these assets became liquid after the upgrade. Instead, the price climbed to $2,110 the following week before falling back to $1,920. This could be due to the overall decline in the overall digital asset market.
In this issue we follow up on our pre-Shanghai upgrade report by attempting to gauge the magnitude of the expected selling pressure. Our estimate was 170,000 ETH. In this report we will evaluate what has actually happened since the upgrade. In doing so, we focus on the record of withdrawals, deposits and the companies that initiated them.
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