$17,200,000,000 in Staked Ethereum Is Now Underwater – Here’s the Price Implication After Upgrade: CryptoQuant
March 05, 2023 7880 by adminChain analysis platform CryptoQuant revealed that the upcoming Shanghai update may have an impact on the price of blockchain intelligent contract blockchain technology ETH.
According to CryptoQuant, there will be little pressure to sell the second-largest digital currency after the rating rise in Shanghai this month.
->This upgrade will allow the verifier to withdraw the ETH from the etheric title block chain technology for the first time after the convergence of the consensus mechanism of the work unit.
CryptoQuant said 60 per cent of all bets on the ethernet were below the purchase price. The chain analysis platform shows that 10.3 million companies and ETH are losing money, equivalent to slightly more than $16.86 billion.
CryptoQuant also stressed that the average loss of nearly 1/3 of stocks betting on the liquid betting agreement LIDO was about 63 per cent.
"for us, after the increase in Shanghai urban rating, the selling pressure of ETH may be relatively low, for two reasons:
- At this stage, 60 per cent of bets on ETH are losing money, equivalent to 10.3 million ETH.
- The largest betting pool (LIDO) owns nearly 30% of all bets ETH, with an average loss of nearly $1000. The average bet on ETH's loss is 24%.
At the time of this writing, the etheric transaction price was $1637.
According to CryptoQuant, there is a risk of high selling pressure when holders are sitting on "extreme profits".
Generally speaking, selling work pressure occurs when participants have extreme returns, but this is not the case with the current bet on ETH.
In addition, the most profitable bet on ETH would have been made less than a year ago, and there has been no significant profit-taking in the past.
