- Users have shown increased interest in Ethereum staking since the Shapella Upgrade went live on the mainnet in April.
- Staked ETH supply has surpassed ETH’s liquid supply on exchanges in June, with a forecast that this trend would likely continue in the near future.
- At the time of writing, about 22.8 million ETH was available for trading on exchanges, amounting to 19% of all tokens in circulation.
Increased Interest In Ethereum Staking
Users have shown heightened interest in Ethereum [ETH] staking since the Shapella Upgrade went live on the mainnet in April. Staked ETH supply has jumped by 26%, according to data from blockchain analytics company Nansen. The firm took to Twitter to reveal that staked ETH supply exceeded ETH’s liquid supply on exchanges in June, with a forecast that this trend would likely continue in the near future.
ETH On Exchanges Declines
On the other hand, there has been a 31% fall in ETH balances on exchanges since November 2022. At the time of writing, about 22.8 million ETH was available for trading on exchanges, amounting to 19% of all tokens in circulation. The trend indicated that more and more people were taking ETH out of the market and using it as an investment to earn yields.
Underwater Stakers
Most stakers were also underwater on their investments and at the time of publication, total amount locked equated to 20% of total circulating supply as per a Nansen dashboard . As per data fetched from a Dune dashboard, about 60% of the stakers were in losses since they locked their ETH on the network.