• 17,000,000 ETH tokens set to be released starting April 12.
• The withdrawal process will vary depending on the number of exiting validators.
• ETH price has been pretty consistent at $1,804 over the past week.

The community is on the edge of their seats as the Shanghai upgrade is about to start the unlocking of 17,000,000 ETH tokens from April 12, 2023. A crypto influencer on Twitter expressed that while the long-term effects of this upgrade are beneficial for the crypto market, there might be short-term adverse impacts.

“It should be very stimulating as people anticipate the outcome of such a large unlock,” the influencer with the handle Crypto Tony commented, alluding to a possible huge sell-off on the market.

The Shanghai upgrade will begin with the unlocking of 17,000,000 $ETH from the 12th April 10:27pm, Epoch 194048 In the long-term this and the Capella upgrades are positive, but short-term this should be very stimulating as people look forward to the result of such a major unlock pic.twitter.com/uA4fBurbXl

— Crypto Tony (@CryptoTony__) April 2, 2023

Notably, the Shanghai upgrade on the Ethereum blockchain is designed to permit investors to remove their staked rewards for the first time. After the update, ETH tokens worth more than $32 billion are predicted to become tradable on the market, which could trigger a downward trend.

Nonetheless, as per confirmed reports, the unlocking process is dynamic depending on the number of validators leaving the network. Exiting validators would experience an exit queue and withdrawal period and wait for 27 hours or 36 days for the withdrawal to be completed. According to the report, the wide difference between the two waiting periods is to discourage bad actors.

Latest figures demonstrate that users are staking a big portion of the total supply of various proof-of-stake (PoS) cryptocurrencies, including (ADA, 71%), (SOL, 70%), of (BNB, 85%), and (DOT, 50%).

71% of #Cardano is staked70% of #Solana is staked85% of #BNB Chain is staked63% of #AVAX is staked50% of #Polkadot is staked37% of #MATIC is staked64% of #Cosmos is stakedOnly 16% of #Ethereum is staked. How much will this change after Shanghai upgrade?

— Altcoin Daily (@AltcoinDailyio) March 30, 2023

In comparison, Ethereum, the most popular PoS blockchain, only has 16% of its tokens staked. In spite of this, the price of ETH has continued relatively steady at $1,804 over the past week, with only 2% gains.

The post Unveiling 17M ETH Next Week – What to Anticipate? appeared first on Coin Edition.

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