The Shapella upgrade last month enabled validators to unstake millions of ETH from the Ethereum 2.0 contract, allowing the funds to potentially be sold on the open market. Despite this, the second-largest cryptocurrency actually increased in value after the upgrade. How come?
At Consensus 2023, CryptoPotato sat down with representatives from Nansen, a blockchain analytics company, to discuss how things have looked on-chain since the final phase of the Merge.
Shanghai Defies Expectations
Going into the upgrade, Nansen Content Lead Andrew Thurman said he’d predicted that net outflows from Ethereum’s staking contract would be a weeks-long phenomenon. To his surprise, his firm found that withdrawals appeared to have flattened out within a matter of days.
“We knew that entities with exposure to US regulatory, for example, Kraken and Coinbase, where there was clear indication that staking as a business was going to undergo some regulatory challenges – we know those people want to
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