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COINTURK NEWS > Ethereum (ETH) > Ethereum Staking: How ETH is Shifting from Exchanges to Staking Platforms
Ethereum (ETH)

Ethereum Staking: How ETH is Shifting from Exchanges to Staking Platforms

In Brief

  • The amount of Ethereum staked on the network can be twice as much as the amount held on centralized exchanges. However, while the narrative around Ethereum staking continues to strengthen, this trend is not reflecting on the declining asset prices. As the amount of Ethereum on exchanges decreases, it seems that more is moving towards […]
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COINTURK NEWS 2 years ago
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The amount of Ethereum staked on the network can be twice as much as the amount held on centralized exchanges. However, while the narrative around Ethereum staking continues to strengthen, this trend is not reflecting on the declining asset prices. As the amount of Ethereum on exchanges decreases, it seems that more is moving towards individual custody and staking.

Contents
Increase in Ethereum StakingEthereum’s Value

Increase in Ethereum Staking

On August 28, crypto YouTuber Lark Davis referenced two new Glassnode charts. The charts showed a stake balance slightly above 28 million ETH and a reduced exchange balance of 14.7 million ETH.

Almost twice as much ETH is being staked compared to ETH available for sale on exchanges. This is insane!

There are a few inconsistencies between the numbers, but the overall trend is clear. Glassnode shows a decline in ETH on exchanges since mid-2020, with a decrease of over 50% in the past three years.

The Ultrasound.Money portal reports that over 24.3 million ETH, which is more than 20% of the total supply, is currently staked. At current prices, this is worth $40 billion and is happening in the midst of a bear market.

Nansen reports a slightly higher figure of 26.1 million ETH, which can be considered a new peak. Furthermore, staked deposit transactions are currently keeping the total at new highs, surpassing withdrawal transactions.

Ethereum’s Value

The liquid staking platform Lido holds the largest share with about a third of the total stake. Its 8.3 million ETH is worth roughly $14 billion at current prices. Rocket Pool holds about 800,000 ETH, which accounts for around 3% of the total.

Coinbase, the largest centralized exchange staking provider, holds 9% of the total with 2.37 million ETH. Binance, which charges lower commissions, has staked 4.6% or 1.2 million ETH. Despite this fundamental feature of Ethereum’s rise, prices continue to remain low. ETH is currently trading around $1,650. Prices have shown little movement over the past week, holding onto this new support level. Ethereum has dropped 12% in the past month and is down 66% from its peak in November 2021.

Disclaimer: The information in this article is not investment advice. Investors should be aware that cryptocurrencies are inherently volatile and carry risks, and they should conduct their own research before making any transactions.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 29 August, 2023 - 10:35 am 29 August, 2023 - 10:35 am
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