Ethereum Staking Sees Record Weekly Inflows Worth Over $1 Billion – What Next for the Ether (ETH) Price?
In a record week for Ethereum staking, investors moved over 570,000 Ether (ETH) tokens into the blockchain’s staking smart contract last week, according to a Dune analytics dashboard.
That’s over $1 billion worth of Ether tokens and marked the fastest weekly pace of ETH deposits into the staking contract ever.
According to the dashboard, investors requested the withdrawal of around 380,000 ETH tokens last week, worth close to $700 million at current market prices.
That marks a sharp drop off in the withdrawal requests from the week.
In the first five days after staked Ether token withdrawals were enabled by the successful implementation of the so-called “Shapella” upgrade to the Ethereum blockchain on the 12 of April, withdrawal requests reached a staggering roughly 1 million ETH tokens.
Indeed, since staked ETH withdrawal requests were enabled just under two weeks ago, withdrawal requests have exceeded new deposits by over 550,000 ETH, worth close to $1 billion at the current market price.
However, thanks to a 50,400 per day limit on actual Ether token withdrawals (other ETH withdrawal requests enter a queue) and to the surge in deposits (which enter into the staking contract instantly), the total number of staked ETH tokens has shot up since the implementation of the Shapella upgrade.
According to on-chain analytics firm Glassnode, the total number of ETH tokens staked was last at 19.227 million, up over 1.1 million since the 11th of April.
Assuming that investors continue to deposit ETH into the staking contract at a faster rate than the 50,400 ETH withdrawal limit, which has largely been the case in the last two weeks, then this number should continue to rise.
Indeed, added flexibility to the ETH staking process, which
Read more on cryptonews.com
