The Shanghai-Capella upgrade scheduled for April 12 should unlock over $30 billion in staked ETH on Ethereum’s beacon chain. It’s unclear if selling pressure might increase after the unlock enables withdrawals for over 16 million stETH. The tokens also make up over 13% of ETH’s total token supply. Entities have locked ETH a staggering amount of ETH since 2020 to secure their place as Ethereum validators – the people who help manage ETH’s network by authenticating transactions and securing the chain.
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