- Ethereum’s Shanghai upgrade led to a four-day net inflow of 179,500 ether (ETH) worth $375 million at crypto exchanges.
- The seamless implementation of the upgrade has enabled withdrawals for the first time from Ethereum’s proof-of-stake blockchain, which has some 18 million ETH worth $36 billion locked in staking contracts.
Crypto data firm CryptoQuant revealed that four days after Ethereum’s Shanghai upgrade went live on April 12, crypto exchanges received a net inflow of 179,500 ether (ETH) worth $375 million. During April 13-16, traders deposited 1,101,079 ETH to exchanges, while only removing 921,579 tokens, marking the largest four-day net inflow in a month.
However, it is important to note that investors transferring tokens to exchanges usually indicates that they are preparing to sell, which could lead to a price decline. Since the implementation of the upgrade, the ETH-USD trading pair on Coinbase recorded $28 million more sell orders than buy orders, as per crypto market research platform Kaiko’s recent report.
The Ethereum blockchain’s seamless implementation of withdrawals, also known as the Shanghai upgrade, enabled withdrawals for the first time from Ethereum’s proof-of-stake blockchain, which has some 18 million ETH worth $36 billion locked in staking contracts.
Before the upgrade, some crypto watchers worried that the event would flood the market with millions of unlocked ETH and crash the second-largest cryptocurrency’s price. However, news of a seamless implementation pushed ETH’s price above $2,100 on the day following the upgrade, its highest level since May 2022.
The price rally post-Shanghai resulted in some traders selling ETH, and the cryptocurrency was recently trading at about $2,070, down more than 2% over the past 24 hours.
Ethereum Upgrade Leads to Huge Influx of ETH at Exchanges
The Ethereum blockchain’s seamless implementation of withdrawals, also known as the Shanghai upgrade, enabled withdrawals for the first time from Ethereum’s proof-of-stake blockchain. This led to a four-day net inflow of 179,500 ether (ETH) worth $375 million at crypto exchanges.
Investors Sell ETH Post-Rally Following Ethereum’s Shanghai Upgrade
Since the implementation of the upgrade, ETH-USD trading pair on Coinbase recorded $28 million more sell orders than buy orders, indicating that some traders sold ETH post-rally. The cryptocurrency was recently trading at about $2,070, down more than 2% over the past 24 hours.
