Despite recent fears about the cryptocurrency staking ban, data analysis indicates that the amount of ethereum staked is increasing.
Ethereum Value Stakes on the Rise: Cryptoquant
Data from Cryptoquant indicates that the total value of ethereum staked was still high on February 17, even as many investors are preparing for the impending Shanghai update. The amount staked has been rising steadily since September, even with ethereum prices steadily declining.
The charts indicate that around 15.2 million ethereum coins are held in relevant staking pools. However, Dune Analytics Data Shows that the value is even higher, around 16.7 million ethereum coins.
If you look at the data from Cryptoquant, even when the value of ethereum crashed sharply on November 9th, the value wagered continued to rise.
Despite the tougher market conditions, the value stake has still skyrocketed. When Ethereum prices turned positive, the amount of Ethereum staked increased at a faster rate, as seen on the chart.
Even more interesting is the daily inflow of ETH staked that increased between November 7 and 9, when the FTX saga began to unfold.
For example, on November 7, Cryptoquant indicated that around 9,500 new ethereum coins were staked in pools.
However, on November 8 and 9, the values shot up to 21,000. This number continued to rise, peaking at 102,000 ETH on November 22. Therefore, this data indicates that even in the heart of crypto winters, ethereum staking remained very attractive.
Will the SEC’s threat to ban staking stick?
Interestingly, the above data emerges when the SEC sends threats into the crypto space.
One of the most recent threats is the ban on staking in the United States. The threat initially sent the entire crypto market into a free fall. However, the market took an immediate recovery path. The market is currently tired of the SEC and regulatory threats.
As crypto.news reported a few days ago, most of the locked ethereum is held via the Lido crypto network.
According to reports, the release of the Shanghai update will happen sometime in March. This update will make it possible to unlock Ethereum staked. However, even as the community awaits this update, more and more investors are increasingly betting on Ethereum.
