Staked Ethereum hit a new peak as asset prices climbed back to levels not seen for 12 days, driven by significant institutional buying.
The amount of ether (ETH) staked in the beacon chain surpassed its prior high of November 10, 2024, reaching an impressive 3,465 million ETH on Sunday.
There’s been a steady amount of ether staked, with over 33 million users participating throughout the past year. However, staking really picked up again in June, according to data from Network Explorer beaconcha.in.
A higher staking rate suggests that more holders are choosing to earn yields instead of selling at current market levels.
Nearly 30% of supply staked
Dune Analytics has confirmed that as of Monday, about 34.8 million ETH is staked. This aligns with ultrasound.money’s report indicating that 34.7 million users have staked.
This staking represents approximately 28.7% of the total circulating supply of ether, especially notable as issuance shifted back to inflation in February.
Will ETF staking be approved soon?
This milestone comes as the industry anticipates that the Securities and Exchange Commission may soon approve Spot Ether ETF staking.
Analysts believe that Staked Ether ETFs could debut in the upcoming weeks, particularly after a recent submission by ETF provider Rex Shares using a regulatory workaround.
Meanwhile, BlackRock’s iShares Ethereum Trust (ETHA) has been on a roll, accumulating assets for 23 consecutive trading days.
ETH price trends
Even with some lackluster price movements, Ethereum staking has surged by 77% over the last two years.
Yet, ETH prices did see a daily gain of over 8%, bouncing back to $2,700 on Tuesday. This marks the highest price since May 29, which was almost two weeks ago.
The $2,700 level has acted as a resistance point on four separate occasions in the past month, so breaking through this could provide the momentum to continue upward.
