Crypto asset Ethereum recently underwent a major upgrade known as the Shanghai upgrade or Shapella, which brought a significant change to the platform by transitioning to proof-of-stake. Blockchain data and research firm Nansen has now reported that with this upgrade, the total ETH locked has touched an all-time high with 18,879,775 ETH locked. This figure represents the ether that is out of circulation, and the locked ETH includes ethers staked on the beacon chain, those deposited to the beacon contract but yet to be validated, and those with rewards on the beacon contract.

In addition, Nansen has noted 894,671 ETH is being waited to be exited fully and 27,809 validators await a full exit. Furthermore, around 86.4% of validators have updated their withdrawal address, signaling further positives. Despite such promising figures, there could yet be a potential negative balance wave when the withdrawals are processed.

Before the Shanghai upgrade, market expectations were for a significant sell-off that didn’t happen as the crypto asset’s price rose to a peak of $2,100. At the time of this writing, however, Ethereum is valued at $1,837, a drop of 2% in the last 24 hour and 12.5% of its value over the last week.

Overall, excellent progression has been made for Ethereum given the proof-of-stake upgrade, but cautionary measures are needed moving forward, as the potential negative balance wave could impact the crypto asset’s trading value in the days to come.



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