The biggest crypto upgrade of 2023 for Ethereum just happened Shanghai is Complete and while in yesterday's video We discussed how Shanghai affects you as A crypto holder great beginner's guide Linked down below today let's continue That conversation and go further According to the latest data from glass Node less than one percent of stake Teeth is estimated to sell after Shanghai the analytics firm backed up Their prediction stating that only 253 Validators have signed up to fully exit Their staked ethereum position so we Know that Shanghai has finally enabled Eth takers to be able to withdraw their Ethereum and now with that extra Supply Unlocked people are fearing cell Pressure while glass node says no they Say just 170 000 ethereum out of the Total over 18 million each staked on the Beacon chain will be unlocked within the First week of the Shanghai heart Fork so Less than a fraction of 1 percent after All this is a rolling unlock and out of This ethereum that will be unstaked the Figure comprises of one hundred thousand Of that eth comes from staking rewards While just seventy thousand of that eth Comes from the actual original ethereum That was staked glass node backed up its Prediction by explaining that only 253 Depositors are actually waiting to exit Their stake and that a few mechanisms
Are in place to prevent a flood of ether Supply from hitting the market all at Once again discussed heavily in Yesterday's video so that was glass Node's prediction well what's actually Happening roughly half an hour after the Shanghai upgrade was activated some 285 Withdrawals had been processed for about 5413 ethereum worth around 10 million Dollars so minimal withdrawals thus far And that does explain why ethereum is Trading flat but today during a watch Party hosted by somebody called ethereum Cat herders vitalik was actually on Stream when this happened and vitalik Buterin commented we're in a stage where The hardest and fastest parts of the Ethereum protocol's transition are Basically over very significant things Still need to be done but those very Significant things can be safely done at A slower Pace here is a photo of vitalik Watching the upgrade live Butrin went on To say that scaling I.E making Transactions faster and cheaper will be The next issue that the blockchain Tackles after Shanghai and in a direct Quote he said if we don't fix scaling Before the next Bull Run we know people Are going to be stuck paying 500 Transactions if on the other hand we Don't have vertical trees before the Next Bull Run well things might suck but You know it's a much smaller problem
Than you know 500 transactions right and What are these verkle trees he's Speaking of well looking at what's next After ethereum Shanghai upgrade now Comes The Verge then The Purge and the Scourge and after eip4844 comes what's Known as The Verge where vertical trees Will be introduced another move to Increase scalability vertical trees Allow developers to store large amounts Of data and users only need to show a Single piece or short proof of that data To verify they have a root of that tree Vertical trees will make data proofs Much more efficient I.E scale ability But please understand that macro effects Like inflation data which we just Received potentially have an even bigger Impact on ethereum on bitcoin on crypto Inflation shows signs of cooling as the FED weighs their next move so not by Much but inflation is lower compared to The last month headline CPI came in at Five percent while core CPI came at 5.6 Percent pretty much what was expected But now with the next fomc meeting in Less less than 20 days what should we Expect from the fed well like I said We're at five percent down from six Percent from back in February showing The slowest Pace since May 2021 meaning That we're back to the levels not seen Since 2021 so while two years ago these Were outrageous numbers today same
Number as two years ago but looking Better but if Jerome Powell's goal is Still to get inflation around two Percent by end of year what is the Market predicting will happen in 20 Short days at the next fomc meeting the Market is predicting a 31.8 percent Chance that the FED just holds they Pause at the same rate yet over 68 Percent of the market does think that They will raise another 25 basis points Now with the ethereum unlock ethereum Staking tokens did take a big beating Ahead of this upgrade including Lido's Ldo governance tokens fell as much as 10 While rocket pools RPL to token dropped Eight percent and the reason why they Slumped because Wednesday morning's drop Caused over 96 percent in Longs or bets On the rising price to be liquidated in The early Asian hours so traders in the Asian market caused the sell-off while At the same time ftx's dead exchange Token ftt seems to be back exploding Over a hundred percent and people are Asking why as of today failed crypto Exchange FTX has recovered over 5 Billion dollars and attorneys say they Could reopen starting in Q2 crypto Exchange FTX has recovered more than 5 Billion more dollars in liquid assets But the extent of customer losses in the Collapse of the company is still unknown So how much of that money will go back
To users of the platform the courts have Not made a statement on that yet but the Company which was valued a year ago Before the collapse at around 32 billion Dollars on paper they've at least found A little more we have located over five Billion dollars of cash liquid Cryptocurrency and liquid investment Securities said one of the FTX lawyers To the bankruptcy judge and with some of That value in actual cryptocurrency Coins the lawyer did say the company Plans to sell non-strategic Investments That had a book value of around 4.6 Billion so they will be cashing out Around 4.6 billion dollars to have more Cash 92 year old Warren Buffett made a Public statement again on Bitcoin today Is going to start by speaking about Gambling it it's people love the idea of Getting rich quick I don't blame them But uh I I've always wanted to get rich Slow and I have a lot of fun along the Way but but I don't I'm not a member I've been on football games I made one Wager and and at the Sportsbook in Nevada and then I was out there with a Couple friends and and I went up and Been on Nebraska against it about 10 People got up behind me and said I'll Have what he's having you know it's Gonna make Ryan the movie So they had a very unbalanced book when They got through that day and I got 500
My 550 and I made a profit of 500. I had Somebody else catch the tickets already That's that's I just uh It it's so human and Once Unleashed you can't put it back in The wall and something like Bitcoin ah You know it is something it's a gambling Token and it doesn't have any intrinsic Value and and you know Larry Summers was On a week because it doesn't have any Value I mean it doesn't have any value But that doesn't stop people from Wanting to Play a roulette wheel and think that if There's 37 you know one zero and or Double zero and that doesn't make any Difference yeah it makes a difference And it just scores now fast it eats up Your money if you spend the rest of your Life to spending around well we open State hit subscribe to stay updated and Like always see you tomorrow
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