Ethereum Shanghai Brings a New Era of Staking with 572k ETH Staked in a Week
The Ethereum network went through one of its major upgrades recently. The much-awaited Shanghai upgrade came with one key feature: the ability to withdraw staked ETH . 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. However, at press time, ETH had dropped to $1,831. Also read: Russia Unveils New Payment System That Enables Unrestricted Cross-Border Crypto Use Moreover, the selling pressure seems to be low. This is due to the fact that the Shapella upgrade is likely not to cause a sell-off due to the current state of staked ETH holdings. But, one noticeable thing has happened to the Ethereum network. This is nothing but increased institutional investor staking. Ethereum investors stake over 572k ETH According to the latest data from Dune Analytics, Ethereum investors have ramped up their staking game to make profits....