On-chain report from Glassnode estimates at least $300 million worth of selling pressure for ETH after the much-awaited Shanghai upgrade. Glassnode estimated a total of 170K ETH intended to be sold after the upgrade, but even in the most extreme case where the maximum amount of rewards and stake are withdrawn and sold, the sell-side volume still falls within the range of the average weekly exchange inflow volume. Staked ether cannot be withdrawn or freely traded currently, but Shappella, which is expected to occur simultaneously with Capella on April 12, will allow investors to withdraw their ether staked on the Ethereum blockchain. Banks such as JPMorgan say that ether will likely face some selling pressure from the upgrade.

(By Shaurya Malwa)