Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Over 33 Million ETH Staked As Spot Ethereum ETFs Roll Out: Up Next $4,000?

Source Newsbtc

Ethereum is outperforming Bitcoin at spot rates, holding firm above the support zone between $3,000 and $3,300. Although prices retraced yesterday, with the July 29 bar closing with a long upper wick pointing to weakness, ETH holders are upbeat, expecting gains above $4,000.

Roughly 30% Of All ETH Staked, Validators Stand At Over 1 Million

As Ethereum rejects lower lows and cements its place at second in the market cap leaderboard, other developments could spark demand in the coming sessions.

Taking to X, analyst Leon Waidmann noted that a record 28% of all ETH in circulation has been locked, an all-time high. According to CryptoQuant data, as of July 29, 33.3 million ETH were locked.

Over 33.6 million ETH staked | Source: Beaconcha.in

Parallel data from Beaconcha.in reveals that there are over one million validators. At the same time, over 33.6 million ETH have been staked. Additionally, of all the validators helping secure and process transactions, each operating node has locked 32.06 ETH on average.

Holders Pulling ETH From Exchanges, Demand From Spot Ethereum ETF Issuers

While more ETH continues to be staked, on-chain data also reveals that holders are concurrently pulling more coins from leading exchanges. As of July 30, CryptoQuant data shows that all crypto exchanges held just 16.6 million ETH. It is down from the 32.5 million under their control three years ago in July 2021.

Usually, the more ETH is pulled from exchanges, the more confident holders are. Through Binance or Coinbase, users can easily swap tokens for other assets, including Bitcoin or stablecoins. Given this, that they are moving their coins away from these platforms means either they are keen on holding or engaging in other ecosystem activities like decentralized finance (DeFi) via portals like Maker or even staking for an annual yield.

Ethereum exchange reserve | Source:CryptoQuant

The combination of ETH moving from exchanges and holders choosing to stake makes the coin more scarce. Moreover, the availability of spot Ethereum ETFs in the United States is also expected to increase the demand for ETH. Therefore, as the coin becomes scarce, demand from this derivative product may push prices higher.

Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView

From the daily chart, ETH has found resistance at $3,500. If the coin finds support from around the $3,000 to $3,300 zone, ETH may likely float higher.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

19 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

18 hours ago

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

15 hours ago

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols