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Buying the News

Apr 14, 2023 • 8 Min Read
Author
Sean Farrell
Sean Farrell AC

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 lik...

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