Ethereum Upgrade Causes Price Surge and Withdrawal Delays for Crypto Investors

The recent upgrade of the Ethereum network from proof-of-work to proof-of-stake consensus, known as Shapella, has not led to a bearish market for ether (ETH). In fact, ETH has risen nearly 6% to over $2,000, its highest level since August. Approximately 18.3 million ETH, representing $36 billion or 15% of ether's total market capitalization, is currently staked, with 1.1 million in ETH rewards accrued. The direction of ETH deposits will be a key metric to watch in the coming weeks and months, as investors who must un-stake ETH begin the process of doing so.