.coinbase estimates that another 73,000 ether ($ETH) could be unlocked in partial withdrawals and 822,000 in full withdrawals, following the Shanghai upgrade of the ethereum blockchain, and this could take about 15 days to process. willcanny99 reports.
The Shanghai upgrade was successfully completed on April 12 and enables validators to withdraw staked ether.
“The relevance of this falling correlation for institutional investors is that it can affect quantitative strategies that rely on cross hedging one asset for the other ,” analysts David Duong and Brian Cubellis wrote. From a fundamental perspective “it supports diversification arguments in favor of holding both BTC and ETH,” they wrote.
The weakening in the 40-day correlation of daily returns may continue for another two weeks because the initial phase of ether withdrawals following the upgrade is still in effect, the note said. Coinbase estimates that as of April 20 an additional 73,000 ether could be unlocked in partial withdrawals and 822,000 unlocked in full withdrawals, and this could take about 15 days to process.
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