Ethereum seamlessly implemented withdrawals on April 12th, also known as the Shanghai upgrade, causing ETH prices to rebound to over $2100, the highest level since May 2022.According to CryptoQuant, a crypto data company, within four days after the upgrade of Ethereum Shanghai, the crypto exchange had a net inflow of 179500 Ethereum (ETH) worth approximately $375 million
Ethereum seamlessly implemented withdrawals on April 12th, also known as the Shanghai upgrade, causing ETH prices to rebound to over $2100, the highest level since May 2022.
According to CryptoQuant, a crypto data company, within four days after the upgrade of Ethereum Shanghai, the crypto exchange had a net inflow of 179500 Ethereum (ETH) worth approximately $375 million.
CryptoQuant data shows that between April 13th and April 16th, traders deposited 1101079 ETHs into the exchange, while only 921579 tokens were deleted. This is the largest four day net inflow in a month.
Investors who transfer tokens to the exchange usually indicate that they are ready to sell, which may lead to a price drop.
On April 12th, Ethereum successfully implemented a long-awaited technology upgrade, also known as Shanghai. This upgrade enables Ethereum's Proof of Equity blockchain to withdraw for the first time, with approximately 18 million ETH and a value of $36 billion locked in equity contracts.
Before the upgrade, some cryptocurrency observers were concerned that this event would fill the market with millions of unlocked ETHs and cause the price of the second largest cryptocurrency to collapse, although others predicted little impact or a price increase. The news of seamless implementation pushed the price of ETH to exceed $2100 the next day, the highest level since May 2022. Within these 24 hours, ETH performed better than Bitcoin (BTC). ETH's recent trading price is approximately $2070, which has fallen by over 2% in the past 24 hours.
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