Contrary to some predictions of a large Ethereum sell-off after the Shapella upgrade, Ethereum staking has reached a new milestone and surges after Shapella upgrade . Over 19.3 million Ethereum have now been deposited into the Ethereum staking contract, indicating that investors have more trust in Ethereum after the successful upgrade. This development, along with other key statistics, illustrates the growing popularity of Ethereum staking and what it means for the second-largest cryptocurrency after Bitcoin.
Kraken and Coinbase are responsible for 78.3% of all principal withdrawals from Ethereum staking, with Kraken alone accounting for 64.1% of the total. Decentralized staking providers like Lido, Rocket Pool, and Ether.fi are gaining traction among users looking for alternatives to centralized exchanges. The recent SEC crackdown on Kraken’s staking service has prompted many users to withdraw their Ethereum.
Forex traders have been paying close attention to the growth of Ethereum staking. The high interest in Ethereum staking persists, despite regulatory challenges, such as the SEC’s lawsuit against Kraken. The fact that more and more investors are staking their ETH and net deposits into staking are higher than withdrawals, indicates that the confidence of investors in Ethereum remains strong. This has had an impact on the price of Ethereum and the wider cryptocurrency market.
Staking Ethereum involves holding the cryptocurrency in a wallet for a certain period of time and receiving rewards for securing the network. Staking can provide long-term gains and a passive income stream. It also helps to increase the security of the network and reduces the supply of Ethereum, which can have a positive impact on the price of the cryptocurrency.
The new milestone of 19.3 million ETH staked underscores the growth potential of Ethereum. As more users realize the benefits of staking for long-term gains, the demand for Ethereum is likely to increase. This has implications for the wider cryptocurrency market and for forex traders who are closely monitoring the developments in the Ethereum ecosystem.