Ethereum Staking Is Squashing 'Selling Pressure Fear': How?
Ethereum’s Shapella upgrade was highly anticipated by the entire community. Investors have been able to withdraw their staked ETH through this development. However, fear was instilled in many as it was speculated that selling pressure would surge. But the situation is taking a different direction. Recent reports reveal that Ethereum staking withdrawals have reached the third “round.” Yet, ETH staking deposits have come close to matching the withdrawals. Analytics firm Nansen noted that on April 24, 61608 ETH in principal and reward withdrawals made up the latest significant round of withdrawals. Alongside this, 63,009 ETH deposits were made at the same moment, according to Nansen. Source It should, however, be noted that Kraken accounted for most of these withdrawals. This is in light of the Securities and Exchange Commission’s charges against the exchange in February 2023. Therefore, Kraken will be closing down its s taking services. Consequently, a large portion of the early ETH...