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ETH staking reaches 28.9% showing long-term confidence

ETH staking reaches 28.9% showing long-term confidence

GrafaGrafa2024/10/09 08:00
By:Isaac Francis

According to on-chain data provider IntoTheBlock, 28.9% of all Ether (CRYPTO:ETH) has been staked, reflecting a growing confidence among investors in Ethereum’s long-term prospects. 

This marks an increase from the 23.8% staked in January, with an additional 5.1% of Ether being staked over the past 10 months.

IntoTheBlock also revealed that 15.3% of the staked ETH has been locked for over three years, suggesting strong “long-term confidence” in Ethereum’s future. 

Despite the surge in staking, the price of ETH has faced challenges in recent months. 

After reaching a yearly high of over $4,000 in March 2024, the token has since dropped around 40%, trading at approximately $2,400 as of early October.

Market analysts point to several factors influencing this price decline. 

Sell pressure from participants in Ethereum’s initial coin offering (ICO) and a lack of demand for spot Ether exchange-traded funds (ETFs) may have contributed to the recent downturn. 

From October 1 to October 3, ETH’s price dropped 12% after failing to surpass the $2,650 mark, wiping out the gains made in the preceding two weeks.

Meanwhile, Ethereum co-founder Vitalik Buterin has expressed support for lowering the minimum requirements for solo staking. 

Currently, staking on one’s own requires a minimum of 32 ETH, which is close to $80,000. 

Buterin acknowledged that this high threshold may deter broader participation and suggested that lowering the requirements could encourage more investors to stake independently.

The continued increase in ETH staking demonstrates the growing interest in Ethereum’s staking rewards, even as market conditions present challenges for the token’s price. 

With ongoing discussions about making staking more accessible, Ethereum’s staking landscape may continue to evolve in the coming months.

At the time of writing, the Ethereum price was $2,449.27.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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