According to a report by Nansen, the selling pressure of Ethereum's native token, ether (ETH), following the Shanghai upgrade was a "non-event". The upgrade enabled staking redemptions for the first time and since then, ETH staking deposits have surpassed withdrawals, resulting in the number of staked ETH climbing to an all-time high of 19.55 million. Despite the decrease in the price of ETH since the upgrade, withdrawals have been minimal and have been matched with inflows, indicating strong overall confidence from investors in the network and the asset itself. The majority of withdrawn ETH sent to centralized exchanges is not primarily for selling, but for the exchange's internal operations.
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