QCP Capital, a Singapore-based crypto options trading firm, expects a deeper decline in the ether-bitcoin (ETH/BTC) ratio following the upcoming Shapella hard fork, dubbed the Shanghai upgrade. The ETH/BTC ratio has declined 13.7% this year amid fears that investors will rush to liquidate coins after Shapella opens withdrawals of staked ether. QCP Capital predicts that selling pressure will lead to further bearish price action on ETH and a decline in the ratio to 0.0553. While some analysts suggest the selling pressure will be distributed over several days, QCP Capital sees no bullish case for the event and expects continued and sustained spot selling pressure in thin markets.

(By Omkar Godbole)