Do you hear that? That’s the sound of 17M ETH getting ready to be withdrawn from staking, nearly $30B of ETH supply previously locked up coming onto the market ready to be sold.

Or at least, that is what you may think if you’ve wandered into certain parts of crypto Twitter. While it is true that a large portion (15%) of ETH supply will be able to be unstaked from the Beacon Chain for the first time since the end of 2020, the implications are not that simple. There is a lot of nuance to Shanghai; this post will aim to distill it down the best we can.

Check out this brand new report from Ceteris breaking down the key implications of ETH Shanghai.