Quick Take
- Ethereums Shanghai is due to go live on Wednesday, and many investors face concerns about the potential sell pressure.
- So far, almost 3,600 validators have exited, with the most recent surge last Friday.
- So where is the selling pressure coming from?
- Roughly 1.1 million ETH, which is related to rewards associated with staking, are available for withdrawals.
- In addition, Kraken will unstake all ETH that U.S. investors have staked due to the result of the Wells Notice from the SEC. At press time, the amount of staked ETH is roughly 1.25 million.
- There is also some speculation from K33 Research that, as part of the Celsius bankruptcy proceedings, they have a staking balance of 158,176 ETH which would be returned to creditors’ funds.
- The staked realized price is roughly $2,136; therefore, investors are sitting on $5 billion worth of unrealized losses.
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