On Wednesday, investors will access over $30 billion in Ether, the second-largest crypto asset.
The next Ethereum blockchain upgrade, Shapella, will allow investors to redeem an offshoot of ether tokens they placed for interest over the previous three years.
According to Dune Analytics, 15% of ether tokens are “staked” and valued at $31 billion.
According to a tweet by Ethereum Foundation spokesperson Tim Beiko, the update is scheduled for 2230 GMT.
Investors expect higher ether volatility.
Others believe large redemptions will cause a selloff, lowering Ether’s $230 billion market value, second only to Bitcoin.
Deutsche Bank analysts cautioned that liquidating this unrealized investment might depress prices.
Ethereum has an advantage over Bitcoin due to its September energy-saving update.
Bitcoin has risen over 80% this year, while Ether has gained 60%.
Expecting central bank interest rate cuts, the crypto market rebounded in 2023 after losing billions in 2022.
Ethereum is popular in bankless finance apps.
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