- Ethereum staking deposits surge following Shanghai hardfork, instilling confidence among stakers.
- Glassnode reports 13,595 new deposits totaling over 408,000 ETH on Sunday.
- ETH staking deposits surpass exchange deposits by a staggering thirteen-fold increase.
Glassnode, a prominent on-chain and financial metrics platform, has reported a surge in Ethereum staking deposits following the implementation of the Shanghai hardfork. This upgrade has instilled confidence among stakers, leading to a fresh wave of deposits. According to the latest update from Glassnode, deposit activity reached its pinnacle on Sunday, with an impressive 13,595 new deposits amounting to over 408,000 ETH.
To provide a more comprehensive analysis of the growth, Glassnode conducted a comparative study between the ETH staking deposit and the ETH exchange deposit transactions during the corresponding timeframe. The findings revealed a remarkable surge in ETH staking deposits, surpassing the exchange deposit transactions by a staggering thirteen-fold increase. In contrast, the ETH exchange deposit transactions exhibited a stagnant trend, maintaining a consistent level of approximately 30,000 throughout the period above.
On March 12, 2023, Ethereum successfully implemented its Shanghai upgrade, a significant hard fork that brought forth a range of enhanced functionalities within the Ethereum network’s ecosystem. Notably, this upgrade allowed validators to withdraw staked coins, introducing an unprecedented level of flexibility previously absent in the cryptocurrency industry.
During the upgrade, crypto analysts had a lively discussion regarding the advantages of ETH staking compared to the potential risks associated with liquidation. A recent tweet by Glassnode indicates that the Shanghai update has effectively incentivized ETH holders to increase their staking activities rather than opting for liquidation.
Furthermore, the recent upgrade in Shanghai has garnered positive reception from ETH holders, who highly value its enhanced flexibility. This has resulted in a notable willingness among ETH holders to engage in staking their tokens. The prevailing sentiment within the community is that the upgrade has significantly bolstered the confidence of ETH holders, empowering them to respond to market dynamics without any limitations. This newfound assurance stems from the ability to access their ETH tokens whenever required readily.
The growing acceptance and utilization of Ethereum (ETH) are fueling a positive trend in its value, leading the altcoin to surpass a significant resistance level at $1,900. Currently, ETH is trading at $1,957, supported by a strong bullish momentum that may propel its price to test the psychological threshold of $2,000 shortly.
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