Just-In: Ethereum Foundation Begins Staking 70,000 ETH, Futures Open Interest Bounces

Varinder Singh
2 hours ago
Varinder Singh

Varinder Singh

Independent Sr. Journalist
Expertise : Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.
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Ethereum Foundation Begins Staking 70,000 ETH, Futures Open Interest Bounces

Highlights

  • Ethereum Foundation starts staking ETH as part of Treasury policy.
  • The foundation staked initial 2016 ETH from the 70,000 ETH stake plan.
  • ETH open interest jumps to flash accumulation signals.

The Ethereum Foundation on Tuesday said it has officially started in-house staking and plans to stake 70,000 ETH in the coming weeks as part of its treasury policy. This sparks massive buying in the derivatives markets as open interest bounces.

Ethereum Foundation Stakes 2016 ETH

The Ethereum Foundation has begun staking a portion of its treasury, according to an official blog post on February 24. The foundation staked 2016 ETH worth $3.8 million as part of the plan to stake 70,000 ETH, generating rewards directed back to the EF treasury.

The foundation has selected Dirk and Attestant’s Vouch for staking ETH. Dirk acts as a distributed signer, enabling operation by individuals in multiple countries and ensuring no failure can interrupt validation. On the other hand, Vouch supports multiple Beacon Client and Execution Client pairings to mitigate client diversity risks.

The Ethereum Foundation reveals that the setup employs minority clients and a mix of hosted infrastructure and self-managed hardware in several jurisdictions. Notably, the treasury policy focuses on financial stability and operational efficiency, capping annual spending at 15% of total treasury assets and reducing it 5%.

“We are excited to take this important step, which helps secure the Ethereum network and at the same time fund the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more,” the foundation said.

In this latest Voice of web3 podcast, Ethereum Foundation’s ecosystem head James Smith outlined how Ethereum is positioning itself as long-term, neutral global infrastructure rather than a short-term crypto adoption play.

Ethereum Futures Open Interest Rebound

ETH price fell 5% in the past 24 hours amid the broader crypto market crash, currently trading at $1,820. The 24-hour low and high are $1,813 and $1,935, respectively. Trading volume has increased by almost 14% over the last 24 hours, indicating a rise in interest among traders.

Prices have dropped amid ETH selloffs by Vitalik Buterin and whales. Over the past 3 days, he has sold 3,788.57 worth $7.3 million. Notably, he has sold 10,723 ETH for $21.74 million this month.

ETH Selloffs by Vitalik Buterin
ETH Selloffs by Vitalik Buterin. Source: Nansen

However, Ethereum futures open interest jumped 0.40 in 4 hours and 0.22% in an hour to $23.43 billion after the Ethereum Foundation announced initial staking deposits. Coinglass data shows buying on exchanges such as Binance, OKX, KuCoin, and Coinbase. This signals positive sentiment among derivatives traders.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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About Author
About Author
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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