Some fear that ETH’s price may tumble as the Shanghai upgrade will allow withdrawals for some $29 billion of previously locked ETH, but crypto analysts CoinDesk interviewed are saying that concerns are overblown. sndr_krisztian reports
Yet, Arca’s Hotz said the impact of ETH outflows will not be immediate because withdrawals will have to endure a so-called queue. “This means only 10% of the total amount of staked ETH can be removed from the pool in a month,” he said. “So, you will have a churn.”
Rich Falk-Wallace, chief executive of institutional crypto data platform Arcana, said the key driver of ETH price action will be what narrative the market creates about the long-term outlook based on the short-term behavior. Many market observers do not appreciate how severely Ethereum’s withdrawal system limits the amount of ETH withdrawn at a time, Falk-Wallace said.
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