The Shanghai upgrade (EIP-4895) will be the first major development since the Ethereum transition from Proof-of-Work (POW) to the Proof-of-Stake (POS) consensus mechanism that took place last year in September.
To clarify, the shanghai update is a well-awaited upgrade to the Ethereum Proof-of-Stake mechanism. The project is most likely to affect the amount of ETH staked from its total supply and consequently have an increase in the demand for ETH.