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    Home » Ethereums Leap Substantial Growth in Online Staking
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    Ethereums Leap Substantial Growth in Online Staking

    By adminJul. 2, 2024No Comments2 Mins Read
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    Ethereums Leap Substantial Growth in Online Staking
    Ethereums Leap Substantial Growth in Online Staking
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    According to CryptoQuant data, 59,894 new participants have joined the Ethereum staking network since May 20. This surge coincided with the speculations of approval for a Ethereum ETF by Bloomberg analysts James Seyffart and Eric Balchunas, up to 75%.

    Additionally, the influx of new stakers is likely to decrease the circulating supply of Ethereum as these new validators are required to lock up a significant amount of ETH. Data from Dune Analytics shows that over 33 million ETH are currently staked, representing almost 28% of the total cryptocurrency supply.

    The decrease in Ethereum’s circulating supply is a bullish signal as it helps alleviate potential selling pressure on the token. This effect is amplified as demand for Ethereum increases, and the price of ETH responds to the principles of supply and demand.

    Read more:

    The worst-performing investment products for Ether in all cryptocurrencies

    The distribution of ETH also supports the bullish outlook. Market data from IntoTheBlock indicates that around 78% of Ethereum’s supply, including staked ETH, is held by long-term holders – those who have held the token for over a year.

    This concentration of supply among long-term holders suggests that these individuals are unlikely to sell their holdings soon. This is particularly important given the expected increase in institutional demand for ETH once spot Ethereum ETFs begin trading. These ETFs are expected to start trading soon, potentially after July 8, as speculated by Balchunas, although earlier forecasts for a launch on July 2 were revised due to delays from the SEC.

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