Ethereum stakers unfazed by US crypto crackdown

Despite the recent scares about banning crypto staking, data analysis indicates that the amount of ethereum staked is increasing.

Ethereum staked value on the rise: Cryptoquant

Cryptoquant’s data indicates that the total value of ethereum staked was still high on Feb. 17, even as many investors are gearing up for the impending Shanghai Upgrade. The value staked has constantly been increasing since September, even with the ever-declining ethereum prices. 

The charts indicate that about 15.2 million ethereum coins are held in relevant staking pools. However, Dune analytics data shows that the value is even higher, at about 16.7 million ethereum coins.

Ethereum’s total value staked charts. Source: Cryptoquant

If you look at data from Cryptoquant, even as ethereum sharply plunged in value last Nov. 9, the value staked continued to increase.

Despite the extra harsh market conditions, the value staked has still soared. When Ethereum prices took a positive turn, the amount of staked ethereum increased at a more accelerated rate, as seen from the chart.

Even more intreating is the daily inflow of staked ETH increased between Nov. 7 and 9, when the FTX saga began unfolding. 

Ethereum stakers unfazed by US crypto crackdown - 2
Ethereum’s daily staking inflow totals. Source: Cryptoquant

For instance, on November 7th, Cryptoquant indicated that about 9,500 new ethereum coins were staked in pools.

However, on Nov. 8 and 9, the values shot to 21,000. This number continued to increase, hitting a high of 102,000 ETH on Nov. 22. Therefore, this data indicates that even at the heart of the crypto winters, ethereum staking remained very attractive.

Will SEC threat of banning staking stick? 

Interestingly, the above data surfaces when the SEC sends threats to the crypto space.

One of the most recent threats is banning staking in the united states. The threat initially sent the entire crypto market into a freefall. However, the market took an immediate recovery route. The market is currently tired of the SEC and the regulatory threats.

As reported a few days ago, most ethereum locked up is held via the crypto network Lido.

According to reports, the launch of the Shanghai upgrade will occur sometime in March. This upgrade will allow staked ethereum to be unlocked. However, even as the community awaits this upgrade, more investors are increasingly staking ethereum.

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Written by on 2023-02-17 16:05:26.

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