Ethereum's Shanghai Upgrade and Staked ETH Withdrawals Impact Crypto Market.
TL;DR
Crypto exchanges received a net inflow of 179,500 ETH, worth $375 million, in the four days after Ethereum's Shanghai upgrade went live, according to CryptoQuant. The largest four-day net inflow in a month, this indicates that traders are preparing to sell, which may lead to a price decline. Since the upgrade, some traders have sold ETH during the price rally post-Shanghai. Coinbase recorded $28 million more sell orders than buy orders, and Binance's upcoming withdrawal feature could result in more sell pressure for ETH.
Topics:businesscryptocurrency#crypto-exchanges#cryptocurrency#ethereum#price-rally#sell-pressure#shanghai-upgrade
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- First Mover Asia: Ether Price Hits Fresh 11-Month High CoinDesk
- Staked Ethereum declines 3.8% as withdrawals cross 1M ETH CryptoSlate
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