As the crypto market continues to struggle through a prolonged bear market, there is growing concern that the upcoming Shanghai Upgrade for Ethereum could lead to a massive sell-off. According to @DU09BTC, almost 16 million Ethereum could be dumped on the market when the upgrade is released in 2023.
The Shanghai Upgrade is being hailed by Ethereum users as a major milestone, as it will finally allow them to unstake their ETH. However, the sheer volume of Ethereum that is expected to hit the market has many investors worried about the potential impact on prices.
Given the current bearish sentiment in the market, there are fears that this influx of Ethereum could further drive down prices. Some analysts are predicting that the market will struggle to absorb such a large volume of ETH, leading to even more downward pressure on prices.
While the Shanghai Upgrade may be a positive development for Ethereum users, it could spell disaster for investors who are already struggling to weather the current bear market. It remains to be seen how the market will react to this potential influx of Ethereum, but for now, it seems that the outlook is bleak.