Will Ethereum Shapella Upgrade Lure Large Crypto Adoption?
The current state of the cryptocurrency market is predominantly positive, with many assets experiencing noteworthy gains throughout the week. Ethereum (ETH) saw a significant rise in value thanks to the Shapella development. There were concerns that ETH’s staking protocol could lead to a surge in withdrawals and a drop in value. But, contrary to those expectations, ETH’s value increased and surpassed the $2,000 mark. Moreover, the selling pressure seems to be low. This is due to the fact that the Shapella upgrade will not cause a sell-off due to the current state of staked ETH holdings. Also read: US House Committee Unveils Draft Version of Stablecoin Bill 60% of all staked Ethereum held at loss According to the latest research report from April 2023, 60% of all staked ETH is held at a loss. These also include the holdings at Lido DAO. The possibility of a sell-off is nullified, as approximately 30% of staked ETH is at an average loss of over $1,000. Due to the ...