{"id":632324,"date":"2024-07-30T19:30:36","date_gmt":"2024-07-30T19:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=632324"},"modified":"2024-07-30T14:54:00","modified_gmt":"2024-07-30T14:54:00","slug":"over-33-million-eth-staked-as-spot-ethereum-etfs-roll-out-up-next-4000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/over-33-million-eth-staked-as-spot-ethereum-etfs-roll-out-up-next-4000\/","title":{"rendered":"Over 33 Million ETH Staked As Spot Ethereum ETFs Roll Out: Up Next $4,000?"},"content":{"rendered":"

Ethereum is outperforming Bitcoin at spot rates, holding firm above the support zone between $3,000 and $3,300. Although prices retraced yesterday, with the July 29 bar closing with a long upper wick pointing to weakness, ETH holders are upbeat, expecting gains above $4,000.<\/span><\/p>\n

Roughly 30% Of All ETH Staked, Validators Stand At Over 1 Million<\/span><\/h2>\n

As Ethereum rejects lower lows and cements its place at second in the market cap leaderboard, other developments could spark demand in the coming sessions. <\/span><\/p>\n

Related Reading: Avalanche (AVAX) Continues Freefall, Sheds 12% In Last 7 Days \u2013 Can It Recover?<\/a><\/div>\n

Taking to X, analyst Leon Waidmann <\/span>noted<\/span><\/a> that a record 28% of all ETH in circulation has been locked, an all-time high. According to CryptoQuant data, as of July 29, 33.3 million ETH were locked. <\/span><\/p>\n

\"Over
Over 33.6 million ETH staked | Source: Beaconcha.in<\/figcaption><\/figure>\n

Parallel data from Beaconcha.in <\/span>reveals<\/span><\/a> that there are over one million validators. At the same time, over 33.6 million ETH have been staked. Additionally, of all the validators helping secure and process transactions, each operating node has locked 32.06 ETH on average.<\/span><\/p>\n

Holders Pulling ETH From Exchanges, Demand From Spot Ethereum ETF Issuers<\/span><\/h2>\n

While more ETH continues to be staked, on-chain data also reveals that holders are concurrently pulling more coins from leading exchanges. As of July 30, CryptoQuant data shows that all crypto exchanges <\/span>held<\/span><\/a> just 16.6 million ETH. It is down from the 32.5 million under their control three years ago in July 2021. <\/span><\/p>\n

Usually, the more ETH is pulled from exchanges, the more confident holders are. Through Binance or Coinbase, users can easily swap tokens for other assets, including Bitcoin or stablecoins. Given this, that they are moving their coins away from these platforms means either they are keen on holding or engaging in other ecosystem activities like decentralized finance (DeFi) via portals like Maker<\/a> or even staking for an annual yield.<\/span><\/p>\n

\"Ethereum
Ethereum exchange reserve | Source:CryptoQuant<\/figcaption><\/figure>\n
Related Reading: Bitcoin Eyes $63,000: Key Indicators Signal Further Decline \u2013 Time To Sell?<\/a><\/div>\n

The combination of ETH moving from exchanges and holders choosing to stake makes the coin more scarce. Moreover, the availability of spot Ethereum ETFs in the United States is also expected to increase the demand for ETH. Therefore, as the coin becomes scarce, demand from this derivative product may push prices higher.
\n<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

 <\/p>\n

From the daily chart, ETH has found resistance at $3,500. If the coin finds support from around the $3,000 to $3,300 zone, ETH may likely float higher.
\n<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum is outperforming Bitcoin at spot rates, holding firm above the support zone between $3,000 and $3,300. Although prices retraced yesterday, with the July 29 bar closing with a long upper wick pointing to weakness, ETH holders are upbeat, expecting gains above $4,000. Roughly 30% Of All ETH Staked, Validators Stand At Over 1 Million As Ethereum rejects lower lows and cements its place at second in the market cap leaderboard, other developments could spark demand in the coming sessions. Related Reading: Avalanche (AVAX) Continues Freefall, Sheds 12% In Last 7 Days \u2013 Can It Recover? Taking to X, analyst Leon Waidmann noted that a record 28% of all ETH in circulation has been locked, an all-time high. According to CryptoQuant data, as of July 29, 33.3 million ETH were locked. Parallel data from Beaconcha.in reveals that there are over one million validators. At the same time, over 33.6 million ETH have been staked. Additionally, of all the validators helping secure and process transactions, each operating node has locked 32.06 ETH on average. Holders Pulling ETH From Exchanges, Demand From Spot Ethereum ETF Issuers While more ETH continues to be staked, on-chain data also reveals that holders are concurrently pulling more coins from leading exchanges. As of July 30, CryptoQuant data shows that all crypto exchanges held just 16.6 million ETH. It is down from the 32.5 million under their control three years ago in July 2021. Usually, the more ETH is pulled from exchanges, the more confident holders are. Through Binance or Coinbase, users can easily swap tokens for other assets, including Bitcoin or stablecoins. Given this, that they are moving their coins away from these platforms means either they are keen on holding or engaging in other ecosystem activities like decentralized finance (DeFi) via portals like Maker or even staking for an annual yield. Related Reading: Bitcoin Eyes $63,000: Key Indicators Signal Further Decline \u2013 Time To Sell? The combination of ETH moving from exchanges and holders choosing to stake makes the coin more scarce. Moreover, the availability of spot Ethereum ETFs in the United States is also expected to increase the demand for ETH. Therefore, as the coin becomes scarce, demand from this derivative product may push prices higher.   From the daily chart, ETH has found resistance at $3,500. If the coin finds support from around the $3,000 to $3,300 zone, ETH may likely float higher. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":629837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[54512,8323,1946,6931,85694,78803,91198],"class_list":["post-632324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-defi","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethereum-staking","tag-ethusdt","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\nOver 33 Million ETH Staked As Spot Ethereum ETFs Roll Out: Up Next $4,000?<\/title>\n<meta name=\"description\" content=\"Ethereum is outperforming Bitcoin at spot rates, holding firm above the support zone between $3,000 and $3,300. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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