Staked ETH has surged to an all-time high of 33.3 million ETH, accounting for 27.7% of the total supply, driven by growing anticipation of a U.S. ETF approval by July 26. This increase reflects heightened investor confidence in Ethereum’s future.
STAKED ETH CLOSES IN ON ALL TIME HIGH
Staked ETH has surged to a record 33.3 million ETH, marking 27.7% of its total supply, bolstered by growing expectations for a U.S. ETF approval by July 26.
Polymarket data suggests a favorable outlook for ETH against Bitcoin, yet investors… pic.twitter.com/AaZgACgNd5
— IBC Group Official (@ibcgroupio) July 11, 2024
Polymarket data indicates a positive outlook for ETH compared to Bitcoin, though investors remain cautious about setting new all-time highs.
According to Lookonchain, a significant whale has been active, buying 16,074 ETH ($49.24M) in the past week. This whale has withdrawn the same amount from Bitfinex, Binance, and Coinbase since July 5 and staked 16,000 ETH ($49M) just 30 minutes ago.
It seems that a whale bought 16,074 $ETH($49.24M) in the past week.
This whale has withdrawn 16,074 $ETH($49.24M) from #Bitfinex, #Binance and #Coinbase since July 5 and staked 16,000 $ETH($49M) 30 minutes ago.https://t.co/TFcqJuFu0v pic.twitter.com/FGNKPJRW62
— Lookonchain (@lookonchain) July 11, 2024
Other Notable ETH Whale Transfers To Monitor
In another notable move, a whale deposited 10,000 ETH ($31.38M) into Binance recently. This whale has deposited a total of 30,000 ETH ($94.13M) into Binance since July 1, while still having 15,329 ETH ($48.11M) staked in ether.fi.
A whale deposited 10,000 $ETH($31.38M) into #Binance just now.
This whale has deposited 30,000 $ETH($94.13M) into #Binance since July 1, leaving 15,329 $ETH($48.11M) staked in https://t.co/TTcCvrW4Ta.https://t.co/rzOIVwT7r1 pic.twitter.com/P2Y01YPNp3
— Lookonchain (@lookonchain) July 11, 2024
Elwood (@elwood_io) has been equally active, depositing 26,811 ETH ($83.17M) into Binance over the past three days. Another Elwood-related address withdrew 24,463 ETH ($75.88M) from Binance in the past two days.
We noticed that Elwood(@elwood_io) deposited 26,811 $ETH($83.17M) to #Binance in the past 3 days.
Another #Elwood-related address withdrew 24,463 $ETH($75.88M) from #Binance in the past 2 days.https://t.co/LvMWpxJMEhhttps://t.co/Y38nXm3wUuhttps://t.co/CdNPeJyKGI… pic.twitter.com/hlNenzEVKk
— Lookonchain (@lookonchain) July 11, 2024
These movements highlight significant shifts in the Ethereum market as whales and large investors position themselves ahead of potential ETF approval. While the market shows optimism, the cautious approach from investors suggests a careful balancing of risk and opportunity in the current crypto landscape.
The coming weeks will be crucial in determining whether Ethereum can break new ground or if it will face resistance in its upward trajectory.
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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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
