Crypto
Ethereum Shanghai Upgrade Boosts Ether ETH Staking Among Institutional Investors
![](https://blacknewsdaily.com/wp-content/uploads/2023/04/ODVR6HL74BDDDMTQKO6I4F65HY-780x470.jpg)
Ethereum’s highly anticipated tech update, often referred to as the Shanghai or Shapella upgrade, starting April 12 enabled withdrawals of some 18 million tokens, worth $35 billion, previously locked up in staking contracts. After the upgrade, ETH’s price rallied to $2,100, its highest level in 11 months, defying earlier concerns the unlocking could lead to significant selling pressure and a price crash. The token recently has dropped below $1,900, aligning with a broader crypto market decline.