Ethereum traders show uncertainty ahead of today’s Shapella hardfork: Report
Ether’s market performance and derivatives metrics have lagged behind Bitcoin, possibly due to traders’ expectation of heavy sell pressure after the Shapella upgrade. The Ethereum network’s Shapella upgrade, scheduled for around 6:30 pm EST on April 12, has induced significant uncertainty among traders, according to a report by Kaiko. The upgrade will enable staked-ETH withdrawals from the Beacon Chain for the first time since its launch in December 2020. According to previous estimates, the upgrade will add nearly 1.2 million to 3 million worth of ETH selling pressure in the first few weeks. This is one of the main reasons traders appear to be taking a cautious stance ahead of the upgrade. Kaiko’s report shows that ETH is lagging behind BTC in spot and Futures trading volumes, while options market data shows traders are actively adding short-term hedging positions. Ether displays muted trading data Ethereum market share in USD trading volume compared to Bitcoin declined to Marc...