Crypto News

Ethereum Gains Momentum Above $3,000 Amidst Increasing Staking Activity

Ethereum’s price surge above the $3,000 mark signals a promising trajectory for further growth in the cryptocurrency’s value.

Recent data from intotheblock reveals a significant uptick in Ethereum supply staked, reaching 25% last week.

This surge in staked Ethereum is attributed to a substantial portion flowing into restaking protocols, reflecting growing confidence in Ethereum’s long-term potential.

Reports from Lookonchain further underscore the bullish sentiment surrounding Ethereum, with notable accumulation activities observed among whales in the market.

One prominent whale address, identified as 0x8B94, withdrew 14,632 Ethereum (equivalent to $45.5 million) from Binance and subsequently staked it within the past six days.

Additionally, two newly established whale wallets withdrew 6,000 Ethereum ($18.7 million) from Kraken over the past two days, indicating a concerted effort to accumulate Ethereum holdings.

Other Notable Ethereum Whale Movements To Monitor

In another significant development, a separate whale investor amassed 2,000 Ethereum ($6.2 million) from Kraken just a few hours ago.

This individual has been steadily accumulating Ethereum since May 24, 2023, and currently holds a total of 26,380 Ethereum (valued at $81.77 million) at an average acquisition price of $2,255. 

At the current market price, this investment reflects an unrealized profit of $22.3 million, highlighting the lucrative nature of Ethereum holdings amidst its upward trajectory.

The increasing staking activity and whale accumulation signal a growing confidence in Ethereum’s potential for long-term growth and stability.

As Ethereum continues to attract interest from both retail and institutional investors, its position as a leading blockchain platform for decentralized applications and smart contracts is further solidified, paving the way for continued bullish momentum in the Ethereum ecosystem.

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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