The percentage of Ethereum ($ETH) staked has surged to 28.9%, up from 23.8% in January, demonstrating growing long-term confidence in the network’s future.
Notably, 15.3% of the staked ETH has remained locked for over three years, signaling strong commitment from long-term holders.
đ Ethereum Update:
đ28.9% of all $ETH is now staked, up from 23.8% in January
đOver 15.3% of staked ETH has been staked for more than 3 yearsA strong signal of long-term confidence in Ethereumâs future. pic.twitter.com/HjUj2v9N1P
— IntoTheBlock (@intotheblock) October 8, 2024
Ethereumâs most significant support level currently sits at $2,300, where 2.77 million addresses collectively acquired 52.65 million ETH. .
The most significant support level for #Ethereum is at $2,300, where 2.77 million addresses bought 52.65 million $ETH! pic.twitter.com/dgwHOvo20L
— Ali (@ali_charts) October 8, 2024
As $ETH trades within a symmetrical triangle, market watchers anticipate that a decisive move outside the $2,300 to $2,600 range will determine the next major trend for the cryptocurrency.
#Ethereum is trading inside a symmetrical triangle! A sustained close outside of the $2,300 – $2,600 range will determine the direction of $ETH trend. pic.twitter.com/8VBATLZugw
— Ali (@ali_charts) October 8, 2024
Adding to the market dynamics, an Ethereum ICO whale recently deposited 5,000 ETH (valued at $12.1 million) to Kraken. Since September 23, this whale has transferred a total of 50,000 ETH (worth $125.38 million) to Kraken at an average price of $2,508, leaving a substantial 89,450 ETH (approximately $216.8 million) in their wallet.
Another 5,000 $ETH ($12.1M) was deposited to Kraken by this Ethereum ICO whale ~ 20 minutes ago.
Since Sep 23 (15 days ago), the whale has deposited a total of 50,000 $ETH ($125.38M) to #Kraken at an average price of $2,508, leaving 89,450 $ETH ($216.8M) remaining.
Follow⌠https://t.co/wGej8BNYG9 pic.twitter.com/ZcbSQkmmcV
— Spot On Chain (@spotonchain) October 8, 2024
Ethereum Foundation Wallet Continues ETH TransfersÂ
Additionally, a wallet associated with the Ethereum Foundation transferred 1,250 ETH ($3.03 million) to Bitstamp around 50 minutes ago. This wallet notably received 51,251 ETH (then valued at just $51,000) from the Ethereum Foundationâs wallet on November 18, 2015. The latest deposit is one of only five major ETH transactions from this wallet in the last seven years.
A wallet linked to the Ethereum Foundation deposited 1,250 $ETH ($3.03M) to Bitstamp ~50 minutes ago.
Notably, this wallet received 51,251 $ETH (then $51K) from the #EthereumFoundationâs wallet 0x5ed on Nov 18, 2015. Also, the above deposit was among the only 5 significant ETH⌠pic.twitter.com/bQFUcdWlFX
— Spot On Chain (@spotonchain) October 8, 2024
In contrast, Ethereum spot ETFs have seen no inflows or outflows recentlyâmarking only the second time this has occurred since their launch.
As Ethereumâs price consolidates and significant wallet activity continues, market participants are closely monitoring for signs of the next big move.
On October 7, the total net inflow of Bitcoin spot ETFs was $235 million. Fidelity ETF FBTC had an inflow of $104 million, and BlackRock ETF IBIT had an inflow of $97.883 million. The inflow and outflow of Ethereum spot ETF was zero, which is the second time it has been zeroâŚ
— Wu Blockchain (@WuBlockchain) October 8, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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