However, partial reward withdrawals of over 1 million ETH could be dumped into the market.Network may sell its 158,000 staked balance as part of its bankruptcy proceedings, leading to almost 1.3 million ETH or about $2.4 billion in potential sell-side pressure facing the market.
Here, it is also worth noting that Kraken, which recently faced regulatory scrutiny for not registering its staking-as-a-service offering in the U.S., may decide to unstake all its ETH holdings.will flood the market. According to CryptoQuant’s analysis, out of the 18 million ETH currently staked, approximately 9.7 million ETH are at a loss.
According to Dune Analytics, the number at a loss represents over 50% of the total staked value. Furthermore, when comparing the initial deposit value to the prevailing value, only 29.2% of the staked ETH is profitable while 70.8% is underwater.The aforementioned metrics suggest that many stakers may hold their positions rather than sell at a loss. This action could reduce the sell-side pressure on the market.