Shanghai/Shapella Upgrade: Will it sink or swim Ethereum’s market valuation?

Shanghai/Shapella Upgrade: Will it sink or swim Ethereum’s market valuation?

April 6, 2023

By Suzuki Shillsalot

– Read Ethereum (ETH) Price Prediction 2023-24

Over 18 million ETH are currently staked, representing over 15% of the entire circulating ETH supply

While some metrics pointed to a potential downturn, other indicators offered a more optimistic outlook

The upcoming Shanghai/Shapella upgrade of Ethereum [ETH] has left many pondering the potential effects on ETH’s market valuation. While some metrics pointed to a possible downturn, other indicators seemed to offer a more optimistic outlook.

Ethereum worth billions of dollars to hit the market

According to data from CryptoQuant and Dune Analytics, Ethereum’s stake has been on the upswing, despite the approaching upgrade. In fact, at the time of writing, the overall value staked had soared past 18 million, equivalent to over 15% of the entire circulating ETH supply.

Additionally, CryptoQuant’s statistics revealed a surge in staking inflows, with February registering the highest inflow rate of the year.

Moreover, Dune Analytics’ data revealed that Kraken has currently staked over 1.2 million ETH, placing it third among the top stakers. Celsius, on the other hand, has approximately 158,000 ETH staked. When added to the over 1 million ETH rewards that will be unlocked after the upgrade, it comes up to billions of dollars in ETH value.