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Going by the numbers, it seems like many ether (ETH) stakers have decided to hold onto their coins. Although several analysts predicted the just-completed Ethereum Shanghai hard fork (along with the separate Capella upgrade, together known as “Shapella”) would be a “sell-the-news” moment, ETH has actually climbed to eight-month highs.
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Validators looking to fully exit the chain could be looking at a wait of up to 14 days, to get their crypto back, according to Rated Network's explorer. Source
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The Shapella upgrade was triggered at 22:27 UTC and is processing withdrawal requests. Source
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The blockchain analytics firm says nearly 4,000 validators have already unstaked 141,499 ETH (worth about $270 million) that’s currently waiting to be withdrawn. This represents less than 1% of Ethereum’s total validators and staked ETH, according to Nansen. Crypto exchange Huobi is waiting to remove almost 40,000 ETH, making it
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Hosts of flagship CryptoX TV show "First Mover" discuss the basics of the Shanghai upgrade, expected to take place at 22:27 UTC (6:27 p.m. ET). Part of the conversation, as mentioned, is whether this is a moment to buy or sell the news. Later, Casa CEO Nick Neuman joins to
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CryptoX reporters and editors chronicle the first-ever activation of withdrawals from the Ethereum staking mechanism, set for Wednesday at 6:27 p.m. ET ( Developers refer to the upgrade as "Shapella" since it includes the "Capella" changes to the blockchain's consensus layer as well as "Shanghai" on the execution layer. Source
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“We expect 553,650 ETH will be sold. Amortized over 7 days, this amounts to approximately 1% of daily ETH volume (including spot and perpetual futures volume) of selling per day for a week,” analysts at Galaxy Digital said in a note published early this month. “Depending on the risk environment
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“There’s always a chance that there could be unfound bugs, but we feel that we tested the upgrade extensively and weren't able to find any issues that prevent us from scheduling the upgrade,” said Parithosh Jayanthi, a DevOps engineer at the Ethereum Foundation. Source
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The main concern around the Shanghai liquidity event is that validators could withdraw and sell staked ETH, which makes up 16% of the total ETH supply, but the withdrawal process is designed to “prevent a short-term mass exodus of validators and the resulting security risks,” the note added. Source
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As these things go, various factions of the Ethereum and blockchain communities are planning watch parties, while crypto analysts and blockchain historians are getting bearings on the best tools for monitoring the first-ever withdrawals of staked ether (ETH). (Trust us, it’s a big deal for Ethereum, and for the crypto
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