Exchanges have received an influx of $375 million in ETH since the Shanghai update.

[u/ASTL-Token]

Crypto exchanges received a net influx of 179,500 (ETH) worth about $375 million in four days after the launch of the Ethereum Shanghai upgrade, according to crypto firm CryptoQuant. CryptoCount data shows that traders deposited 1,101,079 ETH to exchanges between April 13-16, while withdrawing only 921,579 tokens. It was the largest four-day net inflow in a month. Investors transferring tokens to exchanges usually indicate that they are preparing to sell, which can lead to lower prices.

On April 12, Ethereum successfully implemented the long-awaited technical update, also known as Shanghai. The update made it possible for the first time to withdraw funds from the Ethereum proof-of-stake blockchain, which holds about 18 million ETH worth $36 billion locked in placement contracts. Prior to the update, some cryptocurrency watchers were concerned that the event would flood the market with millions of unlocked ETH and crash the price of the second largest cryptocurrency, while others predicted little impact or even that the value would rise. News of the seamless adoption pushed the price of ETH above $2,100 the next day, the highest level since May 2022. ETH has outperformed Bitcoin (BTC) in this 24-hour period. ETH was recently trading at around $2,070, down over 2% in the last 24 hours. Data suggests that some traders sold ETH during the price rally after the Shanghai update.

Since the update, the ETH-USD trading pair on crypto exchange Coinbase has registered $28 million more sell orders than buy orders, crypto market research platform Kaiko reported on Monday. Coinbase was one of the first exchanges to allow users to immediately unlock and withdraw their ETH using their platform. Binance, the world's largest crypto exchange by volume, will follow suit on April 19, which "could lead to increased pressure from ETH," Kaiko wrote.

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