Introduction Ethereum will complete the final stage of its transition to proof of stake in a month. After the upcoming “Shapella” upgrade (a portmanteau of “Shanghai” and “Capella”), over 16 million ETH of staked Ether can be withdrawn from the Beacon Chain. This headline figure alone has created confusion and some angst among users, investors, and traders about the possible impacts Shapella has on demand/supply flows for ETH and related tokens.