See More

ETH 2.0 Staking Continues to Climb as Burned ETH Breaks 73k

1 min
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • ETH reclaims $3,200 as on exchange supply declines.
  • Total burned ETH has surpassed 73k, or $240M.
  • Total staked ETH now sits at nearly 7.1M.
  • promo

Ethereum has seen its price recover and stabilize back over $3,000 as burned ETH and Staked ETH continue to climb.

Ethereum’s price has seen a favorable climb over the last thirty days. The crypto has surged nearly 75% from 22 July until 21 August. Ethereum has sky-rocketed from $1,800 up to its current price of $3,265.    

Source: Tradingview

ETH Burned surpasses 73,000

Key reasons for ethereum enjoying positive price action can be credited to the recent London hard fork upgrade, which now sees ethereum being burned daily. Since the upgrade, ethereum has burned a total of 73,569 ether, or $240 million. That is an additional 27,551 Ether burned in the past week. 

Source: EthBurned

Staking platform continues to grow  

The Ethereum 2.0 staking platform has also seen an addition of nearly 200,000 more ethereum added to the total ETH being staked on the staking platform. The total being staked now sits at 7,092,551 ethereum. That amounts to a value of $23.5 billion. The total number of validators also jumped. The platform saw an increase of 5,495 new validators since last week. The total number of validators now sits at 214,490. The current Annual Percentage Rate (APR) of staking on the platform sits at 5.9% 

ETH on exchanges declining 

Ethereum is currently hitting a shortage, as the crypto continues to see its supply being removed from exchanges. Glassnode recently reported that “Exchange ETH balances have now declined to reach an all-time low of 13% of the circulating supply this week, equivalent to 15.3M ETH.”
Notably, VanEck has also recently filed another ETF application with the U.S. SEC. The ETF is a futures-based Ethereum ETF, called the Ethereum Strategy ETF.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ryan-James.jpg
Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...
READ FULL BIO
Sponsored
Sponsored