Ethereum Staking Deposits Tops $110B as Price Eyes Multi-Year High

The Ethereum staking figure is blowing through the roof as the number of ETH locked in the Beacon Chain has now soared to its All-Time High (ATH).

Ethereum Staking and Price Action

According to insights from crypto analytics and intelligence outfit, Dune Analytics, there are a total of 38,829,631 ETH deposited on-chain, with a market valuation of $110,774,336,206 based on the current market price of the coin, pegged at $2,848.93.

Ethereum has evolved in no small measure in the past few years with the protocol implementing the Shapella Upgrade that granted access to staked ETH, offering investors more flexibility. Unlike the general expectation that suggests the upgrade might fuel the withdrawal of Ethereum, leading to the network’s collapse, the exact opposite is what has been recorded thus far.

Per the Dune Analytics data, a total of 1,213,426 validators are operating on the Ethereum mainnet with depositor’s address coming in at 155,755 respectively. The staked Ethereum figure has a major underlying impact on the price of the digital currency.

As more ETH are taken away from circulation, it complements the deflationary features of the protocol thus driving the price of the coin higher. The combined fundamentals have driven the price of Ethereum to $2,848.93, its highest price mark since at least early May 2022. This latest rally is on the back of a 2.56% surge in 24 hours, 15.35% in the trailing 7-day period, and 12.25% in a month.

Ecosystem and ETF Sentiment

The current rally in Ethereum is beyond the technical impacts of the Staking venture on the network, but rather the general sentiment featuring the rally in the price of Bitcoin and the broader spot BTC ETF sentiment.

In addition, the debate surrounding the potential approval of spot Ethereum ETF is driving bullish sentiment in the coin overall. With big names like BlackRock, Grayscale Investments and Fidelity Investments dipping their feet in the race, market experts have projected the likelihood of approval at 60% sometime in May when VanEck’s application will be due for a final decision from the United States Securities and Exchange Commission (SEC).

The projection for the Ethereum ETF is that its emergence will drive more institutional capital that will also positively impact the price of the asset.