USA’s largest cryptocurrency exchange coinbaseSEC of kraken after stopping staking services on Ethereum stated that uncertainties about selling pressure have increased.
coinbase In the latest report published by Kraken, it is stated that Kraken has stopped staking services and that in March Ethereum The Shanghai hard fork, the next upgrade to the blockchain, is happening at the same time. Ethereum stated that it increased the uncertainty.
Why Shanghai Hard Fork matters for price: It will allow the first withdrawal of Ethereums that have been staked for ETH 2.0 and are currently locked. Approximately 16 million locked ETH will become available for withdrawal.
According to the report, the amount staked in Kraken’s Ethereum pools accounts for approximately 7% of the staked Ether supply.
According to David Duong, head of corporate research, Shanghai hard fork with ETHs Ethereum has the potential to be unstacked by Kraken when withdrawn, with a minimum of 350 thousand and a maximum of 1.145 million.
How ETH Shanghai Upgrade Will Affect Price
in the report EthereumThere was no definite statement about whether there will be a sales pressure with the unlocking of the .
In December, when the risk appetite in the market is low Shanghai It was stated that the concerns about the price increase were greater, but this sensitivity decreased with the rise in the market.
At this point, in the period when the locks are opened (mid-March), the macroeconomic outlook may be determinative in terms of selling pressure. If sales deepen in the stock markets, ETH Investors who are unlocked also use this method to avoid risk. ETHs can sell.
coinbase According to the report, if the risk appetite is high in the period when the locks are opened, the market unlocked Ethereums may encounter a demand far beyond balancing.
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