32.7 Million Ethereum Staked, Nears ATH: What Is Fueling This?

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As an experienced analyst, I have closely monitored the Ethereum market and its recent developments. The fall of Ethereum to $2850 was a result of the broader market crash, but it was already facing challenges due to the failed ETH ETF approval. While Bitcoin surged after the BTC ETF approval, Ethereum remained stagnant. However, recent data on Ethereum staking has brought a glimmer of hope.

Ethereum experienced a significant drop in price to $2850 following the market crash. prior to this setback, Ethereum had been facing challenges due to the disappointment of the ETH ETF for its holders. Unlike Bitcoin, which saw a price surge after the Bitcoin ETF received approval, Ethereum failed to benefit from the same boost. However, an intriguing development emerges from the increase in staked Ethereum data.

Ethereum Staked Supply Hits 27.18%

I’ve noticed an impressive increase in the staked Ethereum supply on Coinbase as per my observation. Currently, the staked ETH makes up approximately 27.18% of the total Ethereum supply, which is just a stone’s throw away from its all-time high record. This surge in staked ETH indicates heightened investor enthusiasm towards the altcoin. With 32.7 Million ETH tokens now staked, the volume is notably larger compared to typical figures.

32.7 Million Ethereum Staked, Nears ATH: What Is Fueling This?

The Ethereum staking amount has grown, and so has the Ethereum supply. This level hasn’t been reached since December 11, 2023, yet the circulating supply remains unchanged. According to Coinmetrics data, approximately 12% of ETH is held in smart contracts and bridges. Meanwhile, about 40% of the tokens are locked up and not frequently traded.

32.7 Million Ethereum Staked, Nears ATH: What Is Fueling This?

ETH ETF Fuels The Ethereum Staking

Investors anxiously anticipate instantaneous Ethereum ETF approval from the SEC, a process that has been prolonged. Some market experts predict this could happen by the upcoming week, potentially shifting Ethereum’s price trend. As we draw closer to the decision, investors are amassing Ethereum tokens in preparation for significant future profits.

Large-scale figures such as Justin Sun, the creator of TRON blockchain, are now amassing larger holdings of Ethereum. According to SpotOnChain’s data, Sun purchased 1,614 ETH tokens by investing $5 million in USDT at an average price of $3,097. Previously, this data source suggested that Justin Sun might have suffered over $60 million in losses when Ethereum’s price drastically dropped during the cryptocurrency market downturn.

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2024-07-11 20:09