According to crypto data firm CryptoQuant, the crypto exchange received a net inflow of 179,500 Ether (ETH) in the four days since Ethereum’s Shanghai upgrade went public. This is worth approximately $375 million.
CryptoQuant data It shows that traders deposited 1,101,079 ETH on the exchange between April 13th and April 16th, while removing only 921,579 tokens. This was his largest four-day net influx in a month.
Investors who transfer their tokens to exchanges usually indicate they are preparing to sell, which can lead to a drop in price.
On April 12th, Ethereum successfully implemented its long-awaited technology upgrade, also known as Shanghai. With this upgrade, nearly 18 million ETH, worth $36 billion worth of locked staking contracts, are now available for withdrawal from Ethereum’s Proof of Stake blockchain for the first time.
Prior to the upgrade, some crypto watchers were worried that millions of unlocked ETH would flood the market and the price of the second largest cryptocurrency would crash, but the impact would be negligible or Some predicted that prices would rise. News of the seamless implementation pushed ETH’s price above $2,100 the next day, its highest level since May 2022. ETH surpassed Bitcoin (BTC) in his 24 hours. ETH has recently been trading around $2,070, down more than 2% over the past 24 hours.
Data suggests that some traders sold ETH during the post-Shanghai price rally.
Since the upgrade, crypto exchange Coinbase’s ETH-USD trading pair has recorded $28 million more sell orders than buy orders, according to crypto market research platform Kaiko. report Monday.
Coinbase is one of the first exchanges that allows users to instantly unlock and withdraw staked ETH via its platform. Binance, the world’s largest cryptocurrency exchange by volume, followed suit on April 19, “with ETH selling pressure likely to increase,” Kaiko wrote.
According to CoinDesk data, ETH truncated some of its previous gains and recently traded at $2,079.
