With the much-awaited Shapella (Shanghai) upgrade just hours away, the value of staked Ethereum with unrealized losses has decreased significantly.

But it is the largest stakers who have suffered the greatest losses.

According to Glassnode, the net unrealized loss on the Ethereum Beacon Chain now stands at $4.7 billion, after falling by 71% from the peak of $16 billion following the collapse of Terra Luna ecosystem tokens. During the same period, ETH tanked to and even below $1,000. The price has since recovered and is currently inching closer to $2,000.

The blockchain analytic firm also observed that the largest depositors are experiencing the highest degree of financial pain, as this cohort held 70% of the unrealized losses. Typically, long-term ETH investors tend to remain unfazed by unrealized losses.

Moreover, on-chain data also shows a flurry of recurring depositors on a daily basis. However, major events such as The Merge, Shanghai upgrade, etc., witnessed a surge in one-time depositors.

(by Chayanika Deka)