ETH Staking Jumps ATH Ahead Of Shanghai Upgrade, Has Ethereum Priced-In?

ETH staking on Ethereum’s proof-of-stake Beacon Chain continues to rise ahead of the Shanghai upgrade expected in March. As per the current on-chain data, 16.16 million ETH worth $26.41 billion have been deposited into the Beacon Chain.

Staked Ethereum On Beacon Chain Reaches Over 16 Million

According to Glassnode on-chain data, 16.101 million ETH is staked on the Ethereum proof-of-stake Beacon Chain. Over 16 million ETH staked constitutes 13.4% of the circulating supply.

As per Etherscan data, 16.16 million ETH worth about $26.41 billion have been deposited into Ethereum’s Beacon Deposit Contract.

Moreover, 11.408 million ETH staked is through staking service providers, representing 70.86% of the total staked on the Beacon chain. Lido dominates ETH staking with 29.3%, followed by Coinbase with 12.8%, Kraken with 7.6%, and Binance with 6.3% of total staked.

Data from Nansen indicates the number of unique staking depositors stands at roughly 93,800. Data sourced from BeaconScan shows that the number of active validators is about 503,702.

While increasing ETH staking on the Beacon Chain indicates signs of Ethereum security and adoption, Ethereum core developers need to enable withdrawals to maintain a balance on the network.

Meanwhile, several participants will also look to withdraw staked ETH after the Shanghai upgrade. However, the withdrawals are likely to happen in stages and validators will be rewarded for re-staking. Thus, it ensures a balance in the network.

Developers are also working on making Ethereum less centralized as some staking providers such as Lido dominates in ETH staking.

ETH Price Moving Higher

Ethereum (ETH) price is currently trading at $1,636, trading sideways in the last 24 hours. The 24-hour low and high are $1,612 and $1,658, respectively. Furthermore, the trading volume has decreased by 18% in the last 24 hours, indicating a decline in interest among traders.

Ethereum staking has been increasing amid the recent ETH price rally. ETH price has rallied nearly 40% since the start of the year. ETH price is likely to jump higher after the Shanghai upgrade.

Also Read: 5 Ethereum Stocks To Indirectly Reap The Benefits Of Ether’s Surge

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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