In the first half of June, more than 500,000 ETH were locked; the number of long-term holders also reaches an all-time high.
OnChainSchool, the education platform of blockchain analysis company CryptoQuant, stated this Tuesday (17) that the Ethereum network reached a new record of coins in staking, with more than 35 million ETH locked. Just in the first half of June, more than 500,000 ETH were locked.
The number of Ether locked in staking represents about 29% of Ethereum's circulating supply, with the reduction in supply encouraging investors to accumulate the asset instead of trading.
Furthermore, the entity revealed in the CryptoQuant blog, accumulation addresses, or holders with no selling history, also reached a historic record, now holding 22.8 million ETH.
These two combined metrics position Ethereum as one of the strongest cryptocurrencies in terms of long-term fundamentals and investor conviction, argued OnChainSchool. 'This growth signals increased confidence and a continuous decline in net supply.'
ETH in staking is now valued at around $89.1 billion.
Ethereum staking grows even with a price drop.
New peaks of ETH in staking and accumulation addresses occur even with the price drop. Ethereum falls 6.2% this Tuesday to $2,475 and has accumulated a 23% decline year-to-date, according to TradingView.
However, institutional demand remains strong, with Wall Street investors allocating capital into the second largest cryptocurrency in the market. US spot Ethereum ETFs hold about $10.5 billion, just over 3% of the asset's market value, with derivatives traders recently returning to appetite for the financial product.
