Ethereum's Shapella Upgrade and Beacon Chain Unrealized Losses: What Investors Need to Know.

QCP Capital predicts a deeper decline in the ETH/BTC ratio after the Shapella hard fork, citing sustained spot selling pressure in thin markets. The ratio has already declined 13.7% this year amid fears of investors liquidating coins after the upgrade. QCP Capital suggests that those at the front of the queue for withdrawals are likely to sell spot, while those further back will hedge via perps/futures. Troubled entities like Celsius might sell their staked ether balance to recover at least a portion of creditors' funds.