Bitcoin (BTC), which fell below the $30,000 threshold in the early hours of Wednesday in Europe, saw its overall market capitalization fall 1.2% over the last 24 hours.

The drop in major tokens led to Ether (ETH), which traded at just $1,860. Solana’s SOL remained positive, while Cardano’s ADA, BNB and XRP lost ground since Monday night.

The so-called Liquid Staking tokens fell. Rocket Pool’s RPL fell 8%, while Lido’s LDO governance tokens dropped as high as 10%. Both protocols provide billions in ether staking yields to users. Users can stake any amount of Ethereum to earn rewards, and do not need to invest 32 ether in order to run a validator.

Data shows Wednesday’s drop in longs (or bets on rising price rises) caused by the drop of over 96%. The liquidation was completed since the early hours of the morning.

Traders are likely to have taken profits before two important developments for Wednesday: the U.S. Consumer Price Index for March (CPI) and the eagerly awaited Shapella upgrade of the Ethereum network.

The U.S. Federal Reserve remains concerned about sticky inflation. Softer inflation data could allow the Fed to increase its rate by 25 basis points at the Federal Open Market Committee meeting May 2, which could boost traditional markets as well as riskier assets like bitcoin.

Shappella, a portmanteau between Shanghai and Capella, will allow investors to withdraw their Ethereum blockchain-staked ether. Staked Ethereum cannot be withdrawn and cannot be traded.

Some believe the event could be a bullish sign for ether, as users will have more access to the blockchain and can stake and capture yields directly.

Chen Zhuling (CEO at RockX, a staking service that allows withdrawals), wrote to CoinDesk earlier in the week.

Traders seem to be taking a risk for now.

Edited and spelled out by Parikshit Moishra.