Nearly a third of all Ether (ETH) has been staked, highlighting growing long-term interest in the cryptocurrency and its staking rewards.
According to on-chain data provider IntoTheBlock, 28.9% of all ETH has been staked as of October 8. This marks a significant increase from 23.8% in January, showing a 5.1% rise in staking over the past ten months. The data also revealed that 15.3% of staked ETH has been locked up for over three years, a clear indication of long-term confidence in Ethereum’s future.
Despite this growing trend of staking, the price of ETH has faced challenges in 2024. After reaching a yearly high of over $4,000 in March, the price has since dropped by around 40%, with ETH currently trading near $2,400. Analysts suggest that the recent decline may be due to sell pressure from early coin offering participants and weaker demand for spot Ether exchange-traded funds.
Between October 1 and October 3, ETH’s price dropped by 12%, failing to break the $2,650 resistance level, which erased the gains made over the prior two weeks. Nevertheless, the growing percentage of staked ETH signals strong investor confidence in Ethereum’s long-term potential, even as market volatility continues.
Summary Review: The increasing percentage of staked Ether, now nearing 29%, reflects strong long-term confidence among investors in Ethereum’s future, despite recent price challenges. While the crypto market has shown some volatility, the steady rise in staking suggests that many ETH holders are committed to the network for the long haul, anticipating growth and benefits from staking rewards over time.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
