17.4M ETH are staked right now, which will be open to withdraw after the Shanghai update. Majority of them are also at loss right now.

Last years biggest and probably the most anticipated crypto event ever, The Merger for Ethereum, is indeed a milestone for possibly all of Crypto. Here you can see a post where I talk about the immense energy reduction due to the Merger. But obviously it was not all done yet, while investors lock their ETH on a PoS contract to stake there was no way to withdraw it, yet.

This will be changed through the much-awaited Shanghai update which just as the Merger had been delayed a couple of times. Now it is scheduled to come out this or next month as the Testnet was successful in early February.

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Chart imported from Glassnode

A massive 17.4M ETH have already been staked and 4M of that were just staked after the Merge. Here is an outlook on the average price of ETH when they got staked:

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Chart from Glassnode and Cryptoslate

We can see that the Realized Price (average deposit price) for ETH2.0 stands at about $2.1k and we are below that right now meaning that most of the staked ETH were staked at a loss. This could have several effect:

A wider sell-off as many would just get rid off their losses and get the best out of them as possible. Surprisingly no sell-off at all after the Shanghai Update as people would much rather like to sell once they are back in profits which the majority will not be.

Let‘s see how this all unfolds, nevertheless the Shanghai Update will be another big milestone for Ethereum.