A Binance research report explores whether the Ethereum Shanghai upgrade will lead to a sell off in ETH price or if the stickiness of liquid staking derivatives will save the day.
According to on-chain Etherscan data, over 16.6 million ETH is currently locked in the PoS staking protocol, which was valued at $28 billion on Feb. 16, 2023. Ethereum’s move from
In order to benefit from yield rewards before the Shanghai update, investors had to lock their ETH and run a reliable node. The minimum staking requirement of 32 locked ETH is entirely illiquid, meaning traders had limited utility options for these coins. Because of Ether’s 69% correction since hitting an all-time high, many of the investors who staked their Ether are currently at an unrealized loss.The minority of stakers who are in profit are likely to be strong believers in the Ethereum network since the date for liquidity was still unknown at this time. With a large number of stakers at a loss and those who are profitable likely to be long-term investors, Ether’s price may not see a massive dump when the tokens are able to be unstaked.
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