![USDC, SVB saga fuels massive profits for Ethereum [ETH] as Shanghai looms](https://i.headtopics.com/images/2023/3/13/cryptoamb/usdc-svb-saga-fuels-massive-profits-for-ethereum-e-usdc-svb-saga-fuels-massive-profits-for-ethereum-e-1635363853629288475.webp)
Ethereum’s profits rise as trading activity increases due to USDC and SVB saga Short sellers face the heat as their positions get liquidated The aftermath of the collapse of SVB and Signature bank has been felt by the stablecoin market and various holders alike. However, Ethereum [ETH] managed to benefit from the chaos that ensued […]
The declining profitability, paired with a relatively low MVRV ratio, implied that many ETH holders will not be incentivized to sell anytime soon. However, If ETH’s price keeps appreciating at the rate seen over the last 24-36 hours, there is a chance that holders could face more selling pressure in the future.
Here, it’s worth noting that though Ethereum registered some volatility, the number of validators on its network hiked. Staking Rewards data revealed that the validators on the network hit a record high of 548,763 , representing a 6.4% spike.Even though ETH’s price and number of validators are on the rise, the upcoming Shanghai hard fork on the network could fuel uncertainty. In fact, many in the market are already expecting massive fluctuations.
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