Ethereum on-chain data suggests ETH sell pressure could be a non-event after the Shanghai upgrade
Ethereum Ang Ethereum on-chain data ay nagmumungkahi ng ETH sell pressure ay maaaring hindi kaganapan pagkatapos ng Shanghai upgrade Balita ng Ethereum ng Bitcoin The upcoming Ethereum Shanghai hard fork is slated to occur in March 2023, and the upgrade will cap off the networks move to proof-of-stake (PoS), which started during ang Pagsamahin on Sept. 15, 2022. Once Shanghai is implemented, previously locked Ether (ETH) ay gradually become liquid sa unang pagkakataon mula noong Disyembre 2020. According to on-chain Etherscan data, over 16.6 million ETH is currently locked in the PoS staking protocol, which was valued at $28 billion on Feb. 16, 2023. Ethereum‘s move from proof-of-work (PoW) sa PoS has started to achieve the original goal, which was to make Ether’s supply deflationary. In the 154 days since the Merge, over 24,800 ETH has been burned to make the token 0.05% deflationary on a yearly basis. On. Feb. 16, the total Ether supply sits at 120 million, meaning that a little over 10% of the supply will be unlocked, with yield rewards starting with the Shanghai update. Lets explore what on-chain metrics can help identify what may happen during the Shanghai upgrade. A portion of locked ETH is liquid thanks to liquid staking derivatives In order