Ethereum staking on the up, Bitcoin holds firm, but what next?
- Ethereum staking skyrockets, reaching all-time highs, while Bitcoin’s active addresses stay resilient despite unrealized profits.
- Ethereum and Bitcoin prices dipped in the last 48 hours as RSI reflects bearish trends.
Bitcoin [BTC] and Ethereum [ETH] have been on quite a rollercoaster ride regarding their important indicators lately. Ethereum staking has skyrocketed to unprecedented levels, while Bitcoin’s active addresses have managed to stay above a certain threshold despite not all the potential profits being realized.
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Ethereum staking percentage hits ATH
Bitcoin and Ethereum have spun contrasting tales through their diverse metrics over the past months. However, amidst these divergent narratives, a potential bullish trend has been subtly hinted at by these metrics.
A recent CryptoQuant report emphasized the surge in staked Ethereum following the Shapella upgrade. New data revealed a consistent upward trajectory in the total value of staked ETH.
As of this writing, the total value staked surpassed a remarkable 22.2 million, reaching an all-time high. Furthermore, the chart’s direction indicated a further increase in value on the horizon.
Furthermore, the surge in the total value staked has resulted in a corresponding rise in the percentage of actively staked ETH.
As of this writing, the staked ETH accounted for more than 17% of the Ethereum supply, reaching an all-time high. The chart also suggested a growing trend in staking participation and potential for further growth.
Additionally, Ethereum’s deflationary process has gained momentum, propelled by a substantial surge in burnt fees observed over the past year. These fees, which are permanently removed from circulation, have experienced a significant spike.
Could Bitcoin’s unrealized profit set the stage for a bull run?
Based on data provided by CryptoQuant, Bitcoin has witnessed a surge in active addresses since the beginning of the year, in contrast to the preceding six months of the previous year.
The chart illustrated a notable increase, with recent months boasting over 1 million active addresses, or close to that figure. At the time of writing, the number of active addresses stood at over 988,000.
Furthermore, this rise in active addresses coincides with a decline in the Net Unrealized Profit/Loss (NUPL). The NUPL chart indicated that, on average, investors still held approximately 25% of unrealized profits.
This pattern is typically observed at the onset of a Bitcoin bull market, suggesting the potential for further growth and positive market sentiment.
The current Bitcoin and Ethereum price trend
As of this writing, Ethereum found itself below the neutral line on the Relative Strength Index (RSI) suggesting a bearish trend. Over the past 48 hours, its value experienced a decline and was currently trading at approximately $1,780.
Despite this downward movement, ETH managed to stay within the $1,700 price range on the daily timeframe chart.
Similarly, Bitcoin had also been in the red on the daily timeframe chart during the past 48 hours. As of this writing, it was trading at around $26,290, with a marginal loss of less than 1%. The RSI for Bitcoin was also below the neutral line, indicating a bearish trend.
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Ethereum and Bitcoin bull run on the horizon
The BTC Net Unrealized Profit/Loss (NUPL), the continuous rise in ETH staking, and Ethereum’s deflationary state all hint at an imminent bull run. While there may be a further dip in the market, these factors suggest that a sustained positive trend is on the horizon.