Half a Billion Worth of ETH Deposited For Staking

More than $560 million worth of eth have been deposited to the staking contract in the past two days in what looks like a significant acceleration.

Some 220,000 eth were deposited between the 25th and 27th of May, bringing up the total from 4.94 million to 5.16 million eth.

That’s worth about $13 billion dollars at the current price, or circa 5% of the total supply standing currently at ◊116 million.

This staking eth is effectively taken out of circulation as it can not participate in price setting due to it being locked until sometime after the merger which transitions ethereum to full Proof of Stake (PoS).

Despite that, another 327,776 eth is waiting to stake with more than 10,000 validators in the queue, a sum worth close to $1 billion at the current price.

The fall in eth’s price seems to have not deterred new stakers but to the contrary, the somewhat recently skewed curve pictured above suggests interest in staking has increased.

That may show some sign of confidence among medium to long term holders who might see daily or weekly price movements as noise, focusing on months or years instead.

It may be they have taken the opportunity to accumulate during this dip and instead of price speculating, they’ve opted to earn dividends of sorts through staking despite both the eth and the ‘dividends’ being locked for some time.

So suggesting that medium to long term sentiment remains bullish with the staking amount continuing to increase at a significant pace.

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