Ethereum staking continues to rise, but an opposing trend emerges
- The total staked ETH was almost 28 million.
- Staked ETH currently makes up 21.8% of the total ETH supply.
Ethereum [ETH] staking has developed a distinct trajectory, separate from the price trends. As more of the circulating supply gets locked up in staking, one particular metric is experiencing a decline.
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Ethereum staking on the rise
Recent data from CryptoQuant indicated a steady upward trajectory in Ethereum’s total staked value. As of this writing, nearly 28 million ETH were staked, in sharp contrast to the approximately 16 million ETH staked in January. This signified a substantial increase in staking volume.
According to CryptoMarketCap, the total circulating supply of ETH had surpassed 120 million as of this writing. Additionally, data from Dune Analytics revealed that the staked portion constituted more than 21.8% of the total supply, implying that nearly 22% of the entire ETH supply was staked at press time.
Considering the daily staking rate, this proportion is anticipated to rise further. However, it’s worth noting that while staking potential was on the rise, there was an opposing trend in the supply of ETH on exchanges.
Exchanges see less and less Ethereum
In January, the proportion of the entire Ethereum supply held on exchanges exceeded 11%. Nonetheless, this metric has undergone a substantial reduction in recent months.
As of this writing, the percentage of the circulating supply residing on exchanges hovered around 8.5%. Also, this shift signified a decrease from the January figure of over 13 million to approximately 10.7 million on exchanges.
Additionally, this reflected a scenario where an increasing number of holders were inclined to stake their ETH. Furthermore, it demonstrated that a smaller proportion opted to retain their holdings on exchanges.
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ETH volume sees a slight decline
The decline in Ethereum’s supply on exchanges has had repercussions on its trading volume, as highlighted by Santiment. The volume chart revealed that while ETH was still experiencing a respectable trading volume, it paled compared to the volume recorded at the start of the year.
As of this writing, the trading volume was approximately 5 billion. Furthermore, this figure falls several billion short of the average volume exceeding 7 billion observed around January.