On April 13, the Ethereum price hit $2,000 after the successful activation of the Shapella update. The last time such high values of the second cryptocurrency by capitalization were observed in August 2022.
According to CoinGeckoover the past 24 hours, Ethereum has risen in price by 6% – the best pace in the top 10 digital assets by capitalization.
The hard fork took place on the epoch #194 048. The developers noted that there are “a couple of missed blocks” in the network, but in general the update was successful, and the blockchain looks stable.
Shapella activated EIP-4895 — the ability for users to withdraw funds from staking.
The queue for the withdrawal of ETH from the deposit contract has reached 822,400 ETH ($1.63 billion), according to Token Unlocks. In the next 11 hours, 85,610 ETH ($169.76 million) is expected to be released. The daily rate is 186,785 ETH ($370.4 million).
According to Dune Analyticsthe net outflow of coins from the deposit contract at the time of writing has reached 173,000 ETH ($343 million).
Previously, Glassnode estimated the potential sale after Shapella at 170,000 ETH ($323 million) in the next seven days after the activation of the update. This value is less than 1% of the 18 million ETH locked in staking ($33.92 billion, 15% of the supply in circulation).
Analysts at JPMorgan Chase and Fidelity Investments differed in their assessments of the possible impact of Shapella on Ethereum quotes.
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