On March 2, CryptoQuant, an on-chain data platform, released a report saying that after the upgrade of Ethereum Shanghai, ETH pledge withdrawals may face lower selling pressure. This conclusion comes from the profit and loss analysis of the pledged ETH. The analysis is based on two reasons: 1. Most of the pledged ETH (60% or 10.3 million) are currently in a loss position (comparing the current ETH price with the price at the time of each ETH pledge); 2. Depositors in the average maximum pledge pool are also currently in the red. Usually, there is selling pressure when market participants have large profits, but this is not the case with the ETH pledged at present. Moreover, most of the profitable ETH was pledged for less than a year and most of the gains were only between 20-30%, a return that has not been consistent with major profit-taking events (sell-offs) in the past.