Ethereum (ETH) Stashes 30% Of All Coins, Validators Stand At Over 1 Million as Demand From Spot ETF Issuers Emerge

Ethereum rejects lower lows and cements its place at second in the market cap leaderboard, other developments could spark demand in the coming sessions.

Textual Analysis

The provided text discusses the recent developments surrounding Ethereum, focusing on the increasing ETH staking and the potential impact of spot Ethereum ETFs on prices. Here's a summary of the key points:

- Ethereum prices remained above the support zone between $3,000 and $3,300 at spot rates, despite facing some retracement with the July 29 bar closing with a long upper wick.

- As ETH prices hovered above $3,000, with some expecting gains above $4,000, the coin’s demand could be fueled by other factors.

- According to an analysis by a crypto expert, a record 28% of all ETH in circulation, an all-time high, was locked as of July 29.

- Data from CryptoQuant showed that 33.3 million ETH were locked, while another analysis from Beaconcha.in revealed over one million validators.

- At the same time, over 33.6 million ETH had been staked. Of all the validators helping secure and process transactions, each operating node had locked 32.06 ETH on average.

- On-chain data also revealed that holders were pulling more coins from leading exchanges as ETH prices remained within a crucial range.

- CryptoQuant data on July 30 showed that all crypto exchanges now held just 16.6 million ETH, down from the 32.5 million under their control three years ago in July 2021.

- Usually, the more ETH is pulled from exchanges, the more confident holders are. Through Binance or Coinbase, users can easily swap tokens for other assets, including BTC or stablecoins.

- Given this, it is either that they are keen on holding or engaging in other ecosystem activities like decentralized finance (DeFi) via portals like Maker or even staking for an annual yield.

- The combination of ETH moving from exchanges and holders choosing to stake makes the coin more scarce.

- Moreover, the availability of spot Ethereum ETFs in the United States is also expected to increase the demand for ETH. Therefore, as the coin becomes scarce, demand from this derivative product may push prices higher.

- On the daily chart, ETH has found resistance at $3,500. If the coin finds support from around the $3,000 to $3,300 zone, ETH may likely float higher.

The above is the detailed content of Ethereum (ETH) Stashes 30% Of All Coins, Validators Stand At Over 1 Million as Demand From Spot ETF Issuers Emerge. For more information, please follow other related articles on the PHP Chinese website!