Will Withdrawals Drive a New Institutional Ethereum Narrative?
The Breakdown
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Ethereum's Upgrade on Wednesday
The upgrade came online without any major problems taking 15 minutes to complete around 642 Eastern time. The withdrawal queue represents less than 3% of the total ETH validators, and currently, validator count is rising at a modest pace. There's clearly a strong community who's not interested in just getting out now that withdrawals are available. Once the POS network is fully operational, more institutions will feel comfortable holding ETH, especially once the staking yield becomes more accessible.
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