On March 2, the on-chain data platform CryptoQuant released a report saying that after the upgrade of Ethereum Shanghai, ETH’s pledged withdrawals may face lower selling pressure.
This conclusion comes from the profit and loss analysis of the pledged ETH. This analysis is based on two reasons: the first majority of staked ETH (60% or 10.3 million) is currently at a loss (compare the current ETH price to the price of each ETH when it was staked). Depositors in the second largest average staking pool are also currently in the red.
Typically, selling pressure occurs when market participants are sitting on huge profits, but this is not currently the case with staked ETH.
Furthermore, most of the profitable ETH stakes are less than a year old, and most of the gains are only in the 20-30% range, a return that has not coincided with major profit-taking events (sell-offs) in the past.