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Ethereum has flipped slightly bullish again after facing bearish pressure for several days and is trading back above the $4,300 price level. Amid this price fluctuation, a recent report shows that ETH’s staking activity has grown exponentially, with a massive portion of the altcoin locked away in staking.
A Massive Growth In Ethereum Staking
While Ethereum’s price is regaining upward traction, staking activity is on the rise. Currently, investors are doubling down on ETH, with staking activity spiking sharply as confidence in the network’s long-term potential strengthens.
This notable surge in staking activity was shared by CryptoGucci, a crypto enthusiast, on the X (formerly Twitter) platform. The development shows a robust commitment from institutional and retail players, who view Ethereum’s proof-of-stake architecture as a pillar for safeguarding the blockchain’s future rather than merely a yield potential.
According to the expert, there is currently more than 36,148,793 ETH locked into staking, even as market volatility continues to shape the broader crypto landscape. This significant number of ETH locked away in staking represents over 29.9% of the total supply of ETH in circulation.
At current market prices, the total ETH locked in staking is worth a staggering $158 billion. CryptoGucci noted that the huge capital from institutional and retail investors championed to the ecosystem is committed to securing ETH through staking.
A massive supply of ETH staked | Source: Chart from CryptoGucci on X
During this substantial wave of ETH staking, a large portion of the altcoin has been persistently withdrawn from major crypto exchanges. Recent reports reveal that Ethereum’s exchange supply is on a steady downward trajectory, and the trend does not appear to be showing any signs of slowing down.
After examining the Ethereum Exchange Reserve metric, CryptoGucci highlighted that the ETH supply on exchanges continues to reach record lows. This development signals a strong shift towards staking and long-term holdings, which reflects rising investor confidence in the altcoin’s potential.
Presently, Exchange-Traded Funds (ETFs) are purchasing billions, treasuries are piling, and institutions are hoarding. Given the ongoing robust attention directed toward ETH, the expert is confident that a notable rally could be on the horizon.
ETH Locking A Larger Chunk Of Spot Market Share
Ethereum is continuously breaking crucial boundaries in the ongoing bull market cycle. In a post on the X platform, Milk Road, a crypto expert, reported that ETH has flipped Bitcoin, the largest crypto asset, in terms of spot market share.
For the first time ever, ETH has captured a larger share of the spot market compared to Bitcoin, surpassing the 50% mark. According to the crypto expert, this is a five-year breakout that indicates the direction of liquidity flow. ETH’s overtaking BTC in this area is a result of stablecoins, tokenization, ETFs, and regulation converging on the network.
ETH trading at $4,436 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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