Ethereum’s staker revenue has taken a sharp dive, plunging 30% since March to reach just $174 million in September, mirroring the broader downturn in the crypto market and reduced on-chain activity.
Despite this drop in revenue, the number of Ethereum validators has surged to an impressive 1.09 million, reflecting strong confidence in the network’s long-term potential and its steadily deflationary tokenomics.
Ethereum staker revenue plunged 30% since March, hitting $174 million in September, echoing a broader crypto market slump and dwindling on-chain activity.
Yet, validator numbers soared to 1.09 million, showcasing unshaken faith in Ethereum's future and its steady deflationary… pic.twitter.com/toDgOoWpl6
— Kyledoops (@kyledoops) October 17, 2024
In a noteworthy development, Ethereum whales made substantial moves, buying up $4.5 billion worth of ETH today. This influx suggests that large investors are still backing the asset, even in the face of decreasing staking rewards.
🐳 Ethereum Whales Bought Up $4.5B ETH today. Is the $3000 Target Coming? pic.twitter.com/wT5OwGUgik
— Zach Humphries (@Z_Humphries) October 17, 2024
Surging Significant Data On Ethereum
On the technical side, Ethereum saw a significant data surge yesterday, with 2.05 GB of data flowing into Ethereum blobs—the third-highest single-day total on record. While the sheer number of blobs was less remarkable, ranking 18th overall, what stands out is how full they were.
A staggering 90% of the blobs were over 80% full, a level not seen since May, when fewer Layer 2 (L2) solutions were contributing data to the network. This highlights the growing data demand and capacity usage within the Ethereum ecosystem.
2.05 GB of data hit Ethereum blobs yesterday, the third highest day ever
more details below pic.twitter.com/lFQiAkTQlb
— hildobby (@hildobby_) October 17, 2024
Additionally, Ethereum spot ETFs are gaining traction, with a total net inflow of $24.2 million on October 16, further indicating rising institutional interest in the asset.
On October 16, Bitcoin spot ETF had a total net inflow of $459 million yesterday, continuing its net inflow for 4 consecutive days. BlackRock ETF IBIT had an inflow of $393 million. Ethereum spot ETF had a total net inflow of $24.2192 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 17, 2024
Despite current challenges, these metrics point to a resilient network and continued investor confidence. While staker revenue has fallen, the ongoing growth in validators, whale activity, and data utilization underscores Ethereum’s potential for future growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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