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

While investors are eyeing the spot Ethereum Exchange Traded Fund (ETF) trading approval, the Ethereum staked supply has surged closer to its all-time high.

Published by

Pooja Khardia

Updated 27 Aug, 2024 | 10:38:17 AM UTC

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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Pooja Khardia

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.

Published by

Pooja Khardia

Updated: 27 Aug, 2024 | 10:38:17 AM GMT

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