Ether dipped ahead of the Ethereum network's major upgrade taking place later today. Exchanges liquidated just over $30M worth of leveraged futures bets during Wednesday's price drop, of which, more than 90% were longs. LedesmaLyllah reports
. Exchanges liquidated just over $30 million worth of leveraged futures bets during Wednesday's price drop, of which, more than 90% were longs or bullish bets. In addition to the Ethereum network upgrade, traders were likely also taking profits ahead of the U.S. Consumer Price Index report for March, which is due at 8:30 a.m. ET.by blockchain analytics firm Glassnode estimates at least $300 million worth of selling pressure after the Shanghai upgrade today.
“We estimate a total of 170K ETH intended to be sold after the upgrade,” Glassnode said in a report. “We project that only 100K ETH of the total accumulated rewards will be withdrawn and sold.” Glassnode said the estimate was made based on a “50% withdrawal credential update, our segmentation of depositors, and assumptions regarding investor conviction, and profitability” by using wallet behavior, period of staking and presence of liquid staking derivative products, such as Lido.
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