Shanghai Upgrade Unlocks $34B in Ether, Crypto Prices to Rise?

Only 253 validators have signed up to fully exit their staked Ether position after the Shanghai hard fork on Ethereum, according to Glassnode. The analytics firm predicts that only 170,000 ETH of the total 18.1 million staked on the Beacon Chain will be unlocked within the first week of the upgrade, with mechanisms in place to prevent a flood of Ether supply from hitting the market all at once. Glassnode expects a large amount of Ether to be withdrawn from Kraken after the legality of its staking services was challenged by the SEC, but it is unlikely to happen immediately after the upgrade.