Ethereum has been making waves lately as on-chain activity of staked ETH has surged following the Shanghai upgrade on April 12th. According to data provided by CryptoQuant, staking inflows of ETH have significantly increased after the upgrade, leading to an uptick in the number of deposits made for the purpose of staking ETH.
This surge in staking inflows has been observed in the week following the upgrade, with the volume of new depositors staking ETH reaching its highest level since December 2022. This has been particularly beneficial for staking pools such as Lido and Kraken, which have experienced a significant increase in staked ETH inflows following the implementation of the Shanghai upgrade.
The current average staked ETH is hovering around the break-even point, as indicated by the MVRV (Market Value to Realized Value) ratio, which is around 1. This comes as the price of ETH rallied approximately 10% following the successful upgrade.
In addition to this, traders have also increased their long positions on ETH in the aftermath of the Shanghai upgrade. The Open Interest, measured in the number of ETH, spiked to its highest level since January, even surpassing Bitcoin’s Open Interest. This can be seen in the ETH/BTC Open Interest Ratio, represented by the purple line in the data provided by CryptoQuant. As a result, the ETH/BTC price reached a one-month peak of 0.07.
Overall, the surge in staking inflows and the increase in long positions on ETH following the Shanghai upgrade are positive indicators for the future of Ethereum. It demonstrates the continued confidence and interest in the platform, which could potentially result in further growth and development in the cryptocurrency market.
Read more:
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