Ethereum Staking Continues to Surge Months After Shapella

Ethereum staking has not suffered during this month’s increased regulatory crackdown on the crypto industry. On the contrary, it has actually accelerated, with the amount of ETH staked reaching a new high.

On June 27, CryptoQuant co-founder and CEO Ki Young Ju posted an update on the state of Ethereum staking.

Ethereum Staking Surge

According to the on-chain analytics platform, nearly 20% of the Ethereum supply is now staked. Furthermore, there has been a sharp 5% increase in the past two months.

The figures for the amount of ETH staked vary depending on which analytics platform is used. CryptoQuant claims a figure close to 20%, which works out to just below 24 million ETH.

The Nansen platform has a similar figure of 23.37 million ETH staked (~19.4% of the circulating supply). At current ETH prices, this equates to around $43.6 billion.  

Nansen also reports that deposits have outpaced withdrawals over the past week. Over the past 24 hours, there has been a net increase of 43,064 ETH staked. Furthermore, the amount of ETH waiting for withdrawal is currently 30,316.

However, the number has been reported lower on other platforms such as the Beaconcha.in explorer. This platform gives a figure of 20.3 million ETH staked, which equates to roughly 17% of the total supply (120.24 million ETH).

Either way, the amount of staked Ethereum continues to increase two months after the Shapella upgrade released withdrawals in mid-April.

Liquid staking platform Lido remains the dominant platform for Ethereum staking, with 7.4 million ETH staked, according to Dune Analytics. Lido’s market share is between 31.5% and 36.4%, depending on which staked figure is used.

On June 26, the platform announced that its total value locked had increased 12.7% over the past week to reach $14.2 billion. This was largely due to the rally in ETH prices last week.

Another bullish statistic for Ethereum is that its circulating supply has declined by more than 280,000 ETH since the Merge in September last year.

ETH Price Outlook

ETH prices have not been as bullish as Bitcoin’s over the past week or so. BTC has gained almost 13% in the past seven days, whereas ETH has notched up 8%.

Ethereum was trading down 1% on the day at $1,865 at the time of writing. It topped $1,900 three times over the past week but failed to reach the psychological $2,000 level.