Nearly a third of all Ethereum is now staked, reflecting the growing long-term interest among token holders in this cryptocurrency and the rewards it offers. As of Oct. 8, data from the on-chain analysis platform IntoTheBlock revealed that 28.9% of all Ether has staked. Back in January, that figure was only 23.8%, indicating that in just the past ten months, investors have staked an additional 5.1% of Ether.
IntoTheBlock noted that 15.3% of staked Ethereum has been locked up for over three years. This suggests a strong level of “long-term confidence” in Ethereum’s future, according to the data provider. Despite the growing interest in staking ETH, crypto asset prices have taken a hit. While Ethereum performed well in the first half of 2024, it struggled with some price challenges in October.
Ethereum recent price journey
On Mar. 12, Ethereum (ETH) hit an impressive yearly high, trading above $4,000. However, since then, it has experienced a significant drop of about 40%, with its price now around $2,400. Analysts suggest that the recent decline may be due to selling pressure from those involved in initial coin offerings, along with a lack of interest in spot Ethereum ETFs.
From Oct. 1 to 3, Ethereum’s price dropped by 12% after it struggled to break past the $2,650 mark. This decline erased the asset’s gains over the previous two weeks. Meanwhile, Ethereum co-founder Vitalik Buterin recently backed the idea of easing the requirements for solo staking. On Oct. 3, he joined a conversation on X, talking about solo staking in Ethereum.
Additionally, Buterin acknowledged that lowering the 32 ETH minimum required for solo staking could help open the door to more investors. While staking pools offer an option for those with smaller amounts, if you want to go solo, you need nearly $80,000 worth of ETH. Buterin pointed out that this high barrier might discourage many from fully participating in staking.
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