Crypto
crypto
Sage D. Young

A record 36 million ethereum tokens are now dedicated to staking

The number of ethereum tokens dedicated to staking, the duty to defend the blockchain, has ascended to a high-water mark. 

Stakers, who provide security to the network, akin to soldiers in an army according to cofounder Vitalik Buterin, have devoted roughly 36 million tokens — 30% of ethereum’s total supply — to staking, per on-chain data from blockchain explorer beaconcha.in. At current prices, those tokens are worth $119.3 billion.

The new record comes as institutional players grow their share in the staking scene. Ether.fi, a restaking protocol known for its crypto-powered credit card, has added 276,288 tokens in the past month toward security, while leading ethereum treasury firm BitMine Immersion Technologies increased its total staked ETH from 659,219 to 1,256,083 tokens last week, a 90% climb.

Meanwhile, the entry queue stands at 2,348,580 ethereum tokens, making the current wait time to begin staking 40 days and 19 hours.

Ether.fi CEO and cofounder Mike Silagadze told Sherwood News the increase in its staked ethereum comes from institutional deposits, specifically from large family offices and SharpLink Gaming, the second-largest ethereum treasury firm. 

The native token for ethereum has seen over $38.5 billion in trading volume in the past 24 hours, with its price jumping more than 6% in that period.

Ethereum staking hits all-time high with almost 30% of ETH supply locked

Ethereum staking hits all-time high with almost 30% of ETH supply locked

The new record comes as institutional players grow their share in the staking scene. Ether.fi, a restaking protocol known for its crypto-powered credit card, has added 276,288 tokens in the past month toward security, while leading ethereum treasury firm BitMine Immersion Technologies increased its total staked ETH from 659,219 to 1,256,083 tokens last week, a 90% climb.

Meanwhile, the entry queue stands at 2,348,580 ethereum tokens, making the current wait time to begin staking 40 days and 19 hours.

Ether.fi CEO and cofounder Mike Silagadze told Sherwood News the increase in its staked ethereum comes from institutional deposits, specifically from large family offices and SharpLink Gaming, the second-largest ethereum treasury firm. 

The native token for ethereum has seen over $38.5 billion in trading volume in the past 24 hours, with its price jumping more than 6% in that period.

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Sage D. Young

Ethereum struggles to hold market gains

After rallying from $1,830 to above $2,100 on Wednesday, ethereum struggled to hold on to its gains and dipped under $2,000, a round psychological price level, on Thursday. 

The seesaw price action helped liquidate $146 million worth of leveraged long and short positions on ethereum in the last 24 hours, data from CoinGlass shows.  

While ethereum was due for a relief rally after entering into oversold conditions as measured by its relative strength index, some are still maintaining a bearish sentiment, according to Delphi Digital analyst Simon Shockey.

With ethereum now trading under $2,000, Shockey called the rally “unconvincing.” He told Sherwood News that he doesn’t “think most crypto natives are compelled to really believe the lows are in,” adding that he could see ethereum fall further from here and make new lows in the second half of the year. 

The price action comes as cofounder Vitalik Buterin has sold $35 million worth of ethereum tokens since the start of February and the paper loss for the largest ethereum treasury firm, BitMine Immersion Technologies, has climbed to nearly $7.9 billion. 

On the positive side, ethereum developers introduced a new road map that involves seven hard fork upgrades by 2029 and several north stars, one of which aims to make ethereum a “post quantum” layer 1 network.

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crypto
Sage D. Young

Crypto industry sees relief bounce in midst of winter

Crypto assets and crypto-adjacent companies are catching a bid and rebounding off recent lows, with stablecoin issuer Circle soaring after reporting strong earnings before the bell. The company beat on revenue and reported that USDC in circulation has grown to $75.3 billion, up 72% year over year.

The total market capitalization of all cryptocurrencies has increased 4.5% in the last 24 hours, and both tokens and companies close to crypto are enjoying a boost:

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Despite the relief bounce, some are still uneasy. “The whole market still seems very heavy to me,” Glenn Rosenberg, managing partner at Persistent Trading, told Sherwood News. “Jokingly, BTC feels like it’s now 100% correlated to any asset or news that’s negative! I think we test 60,000 — that’s a big long-term channel and could push lower from there,” he said. “The whole [space] looks risky right now.”

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