Ethereum Staking Reaches ATH: Over 19 Million ETH Now Staked
In recent news, the Ethereum staking has reached an all-time high, with the total amount of Ethereum staked surpassing the amount withdrawn since the Shappella upgrade. Since the completion of the Shappella upgrade on April 12, a staggering 2.32 million ETH has been deposited on the Beacon Chain, while 2.28 million ETH has been withdrawn.
This means that there is a net positive flow of 32,000 ETH, pushing the total amount of ETH staked to 19.3 million, which is around 15% of the ETH supply. According to Nansen, more than 200,000 ETH has been deposited in the last 24 hours alone, while less than 10,000 ETH has been withdrawn during the same period.
The dashboard of Nansen shows that major CEX exchanges such as Kraken, Binance, and Coinbase are responsible for more than 50% of the amount withdrawn, totaling around 1.2 million. Kraken alone has withdrawn 609,410 ETH, while Binance and Coinbase have withdrawn 624,650 ETH.
According to data from DeFillama, Lido is still the dominant player in the space. Its TVL has increased by 10.56% in the past 30 days to $12.23 billion. However, Lido’s growth rate pales significantly in comparison to its competitors such as Rocketpool and Frax Ether, which have increased by 27.88% and 43.82% to $1.55 billion and $345 million, respectively.
The increased staking of Ethereum could be attributed to the positive outlook for the crypto market as a whole, with investors looking to capitalize on the potential price growth of Ethereum. The Shappella upgrade also plays a significant role in this, as it has made Ethereum staking more efficient and profitable for investors.
It is noteworthy that as the amount of staked ETH increases, the supply of ETH available for trading decreases, which could potentially cause a supply squeeze and drive up prices. However, the opposite is also true, and if there is a significant decrease in demand for Ethereum, the increased staking could result in a surplus of ETH.
Overall, the increased staking of Ethereum is a positive development for the crypto market, indicating investor confidence and potentially leading to price growth. However, it is important to keep an eye on the potential risks and volatility that come with any investment in the crypto space.
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