Ethereum Outperforms Bitcoin Post-Shanghai Upgrade with Surge in Staked ETH and Trader Interest
The Shanghai Upgrade of Ethereum on April 12th has led to a surge in staked ETH inflows and increased trader interest. This article will explore the impact of the upgrade on Ethereum's performance compared to Bitcoin and what it means for investors.
Headings:
Staked ETH Inflows Surge After Shanghai Upgrade
Ethereum Outperforms Bitcoin in Open Interest
Long Positions on ETH Increase Post-Shanghai Upgrade
MVRV Ratio Reaches Break-Even Point
Takeaways for Investors
Conclusion
Staked ETH Inflows Surge After Shanghai Upgrade:
The Shanghai Upgrade allowed for the withdrawal of staked ETH, leading to a surge in new deposits made for staking. Staking pools like Lido and Kraken experienced significant increases in staked ETH inflows in the week following the upgrade, with the volume of new depositors reaching its highest level since December 2022.
Ethereum Outperforms Bitcoin in Open Interest:
The Open Interest in ETH, measured in the number of ETH, spiked to its highest level since January, surpassing Bitcoin's Open Interest. The ETH/BTC Open Interest Ratio also increased, with traders showing greater interest in ETH compared to Bitcoin. As a result, the ETH/BTC price reached a one-month peak of 0.07.
Long Positions on ETH Increase Post-Shanghai Upgrade:
Traders have increased their long positions on ETH after the successful implementation of the Shanghai Upgrade. This is evidenced by the Open Interest in ETH and the ETH/BTC Open Interest Ratio, indicating that investors are bullish on Ethereum's prospects.
MVRV Ratio Reaches Break-Even Point:
The average staked ETH is at the break-even point, with the Market Value to Realized Value (MVRV) ratio hovering around 1. This means that investors who staked their ETH are currently neither making a profit nor a loss, which may indicate a stable market for Ethereum.
Takeaways for Investors:
Investors may consider staking their ETH to earn rewards and take advantage of the surge in staked ETH inflows. Traders may also want to increase their long positions on ETH, as evidenced by the Open Interest and the ETH/BTC Open Interest Ratio.
Conclusion:
The Shanghai Upgrade has had a positive impact on Ethereum's performance, with a surge in staked ETH inflows and trader interest. Investors may want to consider staking their ETH or increasing their long positions on ETH to take advantage of the current market conditions.
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