Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Ethereum Selling Pressure Post-Shanghai Upgrade Was ‘Non-Event,’ Says Nansen

Date:

Share post:

Ethereum Selling Pressure Post-Shanghai Upgrade Was ‘Non-Event,’ Says Nansen

Ethereum

Ethereum Selling Pressure

The number of staked ether has climbed to 19.55 million, a new all-time high, as ETH staking deposits surpassed withdrawals.

According to blockchain data analytics firm Nansen, the recent upgrade to the Ethereum blockchain, known as the Shanghai upgrade, did not result in significant selling pressure on the cryptocurrency Ether.

The Shanghai upgrade was implemented on April 15th and included changes to the Ethereum Virtual Machine (EVM), which is the virtual machine that runs smart contracts on the blockchain. The upgrade was designed to optimize the EVM’s gas costs and improve the efficiency of smart contract execution on the network.

After the upgrade was implemented, some investors and traders speculated that it would lead to a sell-off in Ether, as the changes could make it easier for developers to create and execute smart contracts, potentially leading to increased supply and lower demand for Ether.

However, according to Nansen’s analysis of blockchain data, there was no significant increase in selling pressure on Ether after the upgrade. In fact, the data suggests that there was actually a decrease in selling pressure, as the amount of Ether held by long-term holders increased.

Nansen’s analysis is based on data from the Ethereum blockchain, which allows for transparency and real-time tracking of transactions and balances. The firm’s platform tracks Ethereum wallets and analyzes transaction data to provide insights into market trends and investor behavior.

Nansen’s data shows that after the Shanghai upgrade, the number of Ether transactions on the blockchain decreased, indicating that there was less trading activity in the market. This suggests that investors and traders were not actively selling Ether in response to the upgrade.

Additionally, the data shows that the amount of Ether held by long-term holders, who are defined as those who have held their Ether for at least six months, increased after the upgrade. This suggests that long-term investors were not deterred by the upgrade and continued to hold their Ether, potentially indicating confidence in the future of the Ethereum network.

Overall, Nansen’s analysis suggests that the Shanghai upgrade was a non-event in terms of its impact on Ether prices and investor behavior. While some investors and traders may have been concerned about the potential effects of the upgrade, the data suggests that these concerns did not materialize in a significant way.

This is positive news for the Ethereum network, as it indicates that investors and traders remain confident in its future potential. The network has continued to see growth in its decentralized finance (DeFi) sector, which allows for the creation of decentralized financial applications on the blockchain.

As the Ethereum network continues to evolve and improve, it is likely that it will continue to attract new investors and users. The Shanghai upgrade was an important step in this evolution, and Nansen’s analysis suggests that it was successful in achieving its goals without negatively impacting the market.

15 step become perfect billionaire

Leave a reply

Please enter your comment!
Please enter your name here

Related articles

12 Best New Amazon Travel Products at Amazon

Amazon is kicking off February with hundreds of new products for travelers. The site’s New Releases...

Bitcoin's ‘Kimchi Premium’ Jumps to 10%, Worrying Sign for BTC in Short-Term

Premiums of an infamous bitcoin (BTC) trade popularized by Sam Bankman-Fried have popped back to significant levels...
Verified by ExactMetrics