Will Ethereum Face a $2.4 Billion Sell Pressure?
In eight days, Ethereum will go ahead with its backward-incompatible Shapella hard fork or Shanghai upgrade . The update will allow stakers to unlock their staked ETH. There is a lot of fear among investors that the event will lead to a mass sell-off for Ether on exchanges. Some estimate that the subsequent boost in selling pressure could be worth several billion dollars. Since the Beacon Chain went online in December 2020, the network has seen staked ETH of more than 18 million. Once the upgrade is complete, it is important to note that users cannot unstake the full balance. Nonetheless, 1.1 million of the coins acquired as staking incentives are immediately withdrawable. Moreover, according to analysts at K33 Research, Celsius will probably sell 158k of its staked capital as part of its bankruptcy filings. This brings the total to almost $2.4 billion worth of Ethereum facing the market. Additionally, popular crypto exchange Kraken might also unstake its 1.2 million ETH due to regu...