Hal Press, the founder of North Rock Digital which is a prominent hedge fund, declared that Ethereum (ETH) is the unquestionable arena for all the large players in the Web3 sector. This can be accounted to the hard work of the ETH developers that span over many years. Press commended the ETH developers in his tweet of May 5th, 2023.

Recently, the activation of the Shapella Upgrade (which includes the influential Shanghai Upgrade) is the most vital milestone along Ethereum's (ETH) journey from the proof of work system to the proof of stake consensus. Furthermore, this update holds huge importance for ETH's tokenomics given that it is the second-biggest crypto asset.

Experts speculated that the activation of the Shanghai Upgrade would result in an immense selloff. Although, in the first quarter of 2022, an array of experts gave their bullish predictions. For instance, Glassnode issued a study which calculated the uppermost impairment to the ETH rate which they presumed to be around 8%.

Apart from that, Chris Burniske also highlighted that the withdrawal of all Ether from the deposit contract is a great disinclination event for mid-term investors. In conclusion, it can be said that this is a sign of Ethereum's (ETH) expansion, as it indicates that leading players and eminent analysts trust the ETH platform.



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