- ETH Mass-Selling Event Is Coming according to Cryptoquant.
- For quite some time, the ETH has been entrapped in the Beacon Chain contract.
- $ETH exchange reserve has dropped to 15% of the entire supply.
A mass-selling event for $ETH is on the brink of occurring, following Cryptoquant’s forecast. According to the statistics site, the anticipated Shanghai Hard Fork may lead the $ETH exchange reserve to plummet further. However, this might also be a chance to get more liquidity in order to purchase more $ETH.
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Notably, the event will address the network’s staked Ethereum withdrawals, since the community has prioritized the issue. It has long been known that the ETH is trapped within the Beacon Chain contract.
As of the 9th of December in 2022, the Beacon Chain contract has 15,597,175 ether locked into it, which has a value of around $19.88 billion when converted to today’s ETH market values.
As a consequence of this, gaining access to the funds will need a hard fork, and maybe even more than one. Tim Beiko, a developer working on Ethereum Core, claimed that the majority of users and developers anticipated that withdrawals will take place quickly.
“This is clearly the highest priority for everybody,” Beiko remarked. “People seem to generally want a target around March-ish,” He added.
In concrete terms, the expected amount to be removed is about 15M, or 12% of the entire $ETH supply. On the positive side, there are greater APY techniques than staking returns by depositing ETH2 that may not be guaranteed to withdraw in the near term.
At scripting time, ETH2 Deposit had amassed 12% of the total supply. In addition, the amount of ETH that is held in reserve for trading purposes has fallen to 15% of the total supply and is continuing to decrease.
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