📢 JP Morgan's report on Ethereum is out! 📊 They found that the April Ethereum Shanghai upgrade (ETH unstaking support) didn't boost network activity as expected. 😕 Despite the impressive 99% energy reduction in the merge (PoS conversion) upgrade last September, network activity disappointed.

📉 Daily Ethereum transactions dropped by 12%, and daily active addresses plummeted by 20%. Several factors played a role, including Terra and FTX struggles, stricter U.S. regulations, and a stablecoin market contraction. 🌐

Additionally, while staking increased by 50% post-Shanghai, concerns over centralization arose due to protocols like Raido (LDO) dominating the market. 🏦

JP Morgan speculates that network activity might pick up with the EIP-4844 (proto-danksharding) upgrade in Q4, but a bear market recession remains a concern. 🐻💼 #EthereumAnalysis #CryptoInsights #JPMMarketReport 📈🔍