32.7 Million Ethereum Staked, Nears ATH: What Is Fueling This?

11 Jul, 2024 Updated 27 Aug, 2024

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Expertise : Crypto News & Market Analysis, Content Strategy & SEO Writing

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.

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32.7 Million Ethereum Staked, Nears ATH: What Is Fueling This?

After witnessing a fall to $2850, Ethereum is slowly recovering in the market. The ETH price fall was due to the market crash, but the altcoin was already struggling after the ETH ETF turned disappointed for holders. The approval failed to push the Ethereum price the way the Bitcoin price did after the Bitcoin ETF approval. However, the surge in the Ethereum staked data has a different story to tell.

Ethereum Staked Supply Hits 27.18%

As per the Coinbase, the Ethereum staked supply has surged quite a lot over the past few days. The staked ETH supply is now at 27.18%, which is close to its all-time high record, indicating increased investor interest in the altcoin. This 27.18% represents the staking of the 32.7 Million ETH tokens, which is quite high compared to the usuals. The surge in the staked token amount is quite promising news for investors as the rising demand might push the recovery. The token is currently trading at $3179 after a 10% loss over the month, but it regained its value after the market crash.

Not only has the Ethereum staking increased, but the Ethereum supply is also rising. It has not been on this level since December 11, 2023, but the circulating supply is still constant. In another report, Coinmetrics data reveals that 12% of the ETH supply is occupied in the Smart Contracts and bridges. The other 40% of the tokens are locked and are not traded actively.

ETH ETF Fuels The Ethereum Staking

The investors are awaiting on-the-spot Ethereum ETF trading approval by the SEC, but it has been taking a long time. Many analysts have claimed for the approval to come by the next week, which might change the dynamic of the Ethereum price. As the approval time nears, the investors have begun collecting the Ethereum token in the hope of heavy gains in the future.

The bigger personalities like Justin Sun, who is the founder of the popular blockchain, TRON, are also collecting more Ethereum. As the SpotOnChain data revealed, the founder has bought 1614 ETH tokens by investing 5 million in USDT at the price of $3097. Earlier, the same analytics platform revealed that Justin Sun might have lost more than $60 Million when the Ethereum price plummeted during the crypto market fall.

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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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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.