More Ethereum now being locked up than withdrawn post-Shapella upgrade
This implies the Ethereum protocol is bound to witness some forms of stability in terms of its circulating supply with more of an upside potential. According to the analyst, the increasing staking deposit shows that the Ethereum protocol is healthy, after thousands of the digital currency were withdrawn forcefully from Kraken exchange.
Ethereum transitioned to a new era following the launch of the Shapella upgrade earlier this month. With early backers of the Ethereum staking system notably keen ontheir assets and selling them after about two years of locking them up, there was a high imbalance in the selling and redepositing of Ethereum tokens over the past few weeks.
This rebalancing is crucial, and it is billed to have a very defined and positive undertone for the price moving forward. With growing deposits, the supply of ETH will be crushed significantly and with a sustained or growing demand, prices are bound to be pushed upward.Ethereum has had a very positive growth outlook for the better part of this month as anticipation for the Shapella upgrade excited the digital currency's bulls.
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