Buying the News
ETH Moving Shanghigher
As we mentioned last week, the market was overly pessimistic regarding the supply-side effects of the upcoming Ethereum staking withdrawals. Factors such as existing liquidity for most stakers, withdrawal queue limitations, and a market that de-risked in anticipation of the Shapella upgrade all helped to reduce the likelihood of a sudden supply overhang. With this in mind, it seemed reasonable to expect an ETHBTC rally in the weeks following the successful completion of the event. While a "sell the news" event for LSD governance tokens was possible, we thought it more likely that these tokens would align with ETH's trajectory. Based on these views, we maintained a positive stance on both ETH and LSD governance tokens. We are only a couple of days removed from the hard fork, but price action thus far seems to be aligned with this view.
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