Ether has picked up a strong bid in the wake of the Shanghai upgrade, rallying to the highest level since August 2022. thesamreynolds and godbole17 report.
The second-largest cryptocurrency by market value has gained over 3% since the upgrade, while market leader bitcoin has added less than 2%, CoinDesk data show. The ether-bitcoin ratio has risen over 2.5%.
“We’re seeing a ‘sell the rumor buy the fact’ redux. ETH underperformed BTC with uncertainty around the upgrade and potential supply dynamic from the unlock. Now the risk event has past, no substantial selling pressure, market can unwind short hedges and rebalance towards to ETH,” David Brickell, director of institutional sales at crypto liquidity network Paradigm, told CoinDesk.
“There was a large backlog of 15k [validators] waiting to enter the exit queue, which did so in a linear fashion. Now that they have been processed its flatlined. Puts us on schedule to clear the queue in ~2 weeks and is in line with my earlier estimate of ~$300m of total sell pressure,”“This is still much more bullish than my baseline assumptions from a couple weeks ago," Press added.
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