After the successful Shanghai upgrade on the Ethereum Beacon Chain, it became possible to withdraw previously locked coins. In the first 24 hours, users withdrew 17.05 million ETH, of which only 3.2 million ETH were sent to exchanges—indicating that most stakers intend to hold long term.
Market Reaction:
- ETH price is trading between $2,480 and $2,520, rebounding off the $2,450 level.
- Futures open interest rose by 8%, reflecting increased trader interest.
Outlook and Risks:
- With smooth liquidity distribution, ETH could test the $2,600–2,700 range in July.
- Large-scale withdrawals (over 50% of unlocked funds) could trigger a correction back to $2,350.
Conclusion:
The Shanghai upgrade unlocks additional capital for reinvestment and may act as a catalyst for a new rally in the Ethereum ecosystem.
