- ETH staking gains momentum after staking is unlocked, proving investor confidence.
- At the time of writing, ETH whales held back the market following a recent sale.
Not too long ago, we wondered if ETH staking unlocks will lead to a massive outflow of staking pools. Could potentially cause more selling pressure. Fast forward to the present day and it’s clear that the unlocked strike has helped build confidence.
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Even Binance is jumping on the opportunities available. Blockchcian research firm Arkham Intelligence recently noted that Binance transferred 128,000 ETH to a staking address on the Beacon chain. Binance has transferred approximately 576,000 ETH to staking addresses so far this week, bringing the total value of ETH wagered by Binance users to over $1 billion.
Earlier today, Binance moved another 128K ETH to an address used for staking on the Beacon Chain.
This week they transferred 576K ETH to staking addresses.
That’s over $1.07 billion in ETH now locked up in validators just from Binance users. pic.twitter.com/WLm1wEvRs4
— Arkham (@ArkhamIntel) May 10, 2023
Total bet ETH hits new ATH
Binance’s additional ETH stake confirmed what we’ve seen across the market. The pace of ETH staking has increased. This indicated that investors were now more confident than ever. As such, the total value of ETH wagered has increased and is currently at all-time highs. About 20.7 million ETH has been wagered so far.
Source: Glassnode
Increased confidence was again reflected in the number of validators participating in ETH 2.0 staking. The latest findings revealed that at the time of writing, ETH boasted more validators than the total number prior to the activation of staking withdrawals.
There are now more active validators live on the Ethereum network than before staking withdrawals were possible
It took less than a month for this to happen
ETH strike is up alone
— sassal.eth 🦇🔊 (@sassal0x) May 10, 2023
The number of new validators has risen sharply in the past four weeks. This confirmed that the activation of staking recordings contributed to increased trust in market participants, especially validators. As such, the total number of validators rose exponentially, recently peaking at just over 662,000.
Source: Glassnode
A higher number of staking participants meant there was more demand for ETH, which could then be used for staking. In other words, a significant portion of the existing demand for ETH was funneled into staking. This has been beneficial for the cryptocurrency, especially in the long run.
How much are 1,10,100 ETHs worth today
Is it enough to drive demand for ETH in the market?
Despite the above findings, current market sentiment is low. Part of that is because ETH whales unloaded a large amount of ETH from their addresses between May 7 and 8. However, the weighted sentiment stat shows a slight increase in weighted sentiment.
Source: Sentiment
The supply of top addresses has increased slightly in the past 24 hours. Nevertheless, it still has some ground to cover before recovering to its current monthly high