According to Token Unlocks, a crypto sleuth specializing in tracking Ethereum staking activity, the Ethereum ecosystem is set to witness a significant event. In just five hours, approximately 30,000 ETH, valued at over $70 million, is scheduled to be unlocked from staking. This event highlights the remarkable growth of Ethereum’s staking mechanism, with over 25% of the entire Ethereum supply, equating to approximately 30 million coins, now staked for network security.
In a tweet, Token Unlocks alerted the crypto community to the impending massive ETH unlock, sparking curiosity about who will make this substantial withdrawal.
The latest data indicates that Ethereum’s price has seen a 1.42% decrease over the past 24 hours, currently valued at $2,481.19. Reports from Lido, a leading liquid staking platform, reveal that more than 30 million ETH, accounting for almost a quarter of Ethereum’s total circulating supply, has been staked. Lido’s share of the staked Ethereum market stands at 31.64% according to Dune Analytics.
The total value of staked ETH stands at approximately 73 million, with nearly a million validators contributing to the network’s security. Recent data also shows a noticeable surge in staking deposits over the past two weeks, indicating heightened activity and growing interest in Ethereum staking.
Nansen, a blockchain analytics firm, corroborates the 30 million ETH staked figure and notes an almost empty unstaking queue, signaling strong holder sentiment. Additionally, UltrasoundMoney provides insights into Ethereum’s deflationary trend since the merge in September 2022, indicating a decrease in supply and the burning of ETH.
Despite Ethereum trading at half its all-time high from November 2021, the emergence of restacking narratives presents opportunities to bridge this gap. Restaking, which enables users to stake ETH across multiple protocols, is gaining momentum. This is evidenced by CoinGecko’s introduction of a staking token category, now valued at approximately $707 million.
Notable price surges in restacking tokens, along with the success of platforms like EigenLayer, highlight the growing interest in Ethereum’s staking ecosystem. Consequently, the Ethereum market is positively reacting to the staking milestone announcement, with ETH experiencing a 6.69% uptick in price performance over the week despite facing resistance levels and remaining below its peak in January 2024.
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