Ethereum’s Shanghai upgrade is just around the corner and that means users are starting to place their bets.

In fact, in dollar terms, since staking began, just 16% of stakers are in the money, per Dune. Were the upgrade to be executed today, the vast majority of users would be hit with some pretty serious losses.

It’s impossible to know what people will do when faced with potentially double-digit losses. Still, there are about $6.25 billion staked that’s in the money; it’s likely some of them sell.