Ethereum marks a significant milestone, surpassing 35 million ETH locked in staking while 22.8 million ETH is controlled by long-term holders.
Incentives for Staking and Whale Accumulation
Based on on-chain data analysis from CryptoQuant, in the first half of June, Ethereum users added over 500,000 ETH to staking contracts. This raised the total locked supply to 35 million, accounting for nearly 29% of Ethereum's total circulating supply, which currently stands at 120.72 million.
At the same time, significant whale accumulation is observed. Data from Glassnode indicates that addresses holding between 1,000 and 10,000 ETH accumulated more than 800,000 ETH daily for nearly a week. On June 12 alone, these investors purchased 871,000 ETH, making it the largest single-day acquisition this year.
Price Pressure on Ethereum
Despite the impressive metrics, Ethereum's price faces pressure, particularly due to the ongoing military conflict between Israel and Iran. At the time of writing, the second-largest cryptocurrency by market cap was trading around $2,534, down 2% in the last 24 hours and 9.3% over the past week.
Current Market Conditions for Ethereum
However, there is some optimism as ETH has increased by 6.5% over the past 30 days, despite remaining 26.5% down year-on-year. Technical analysts also noted the approaching 'golden cross,' where the 50-day Exponential Moving Average crosses above the 200-day EMA, which may signal growing interest in the asset.
Ethereum shows significant growth in staking and asset accumulation, but the price continues to fluctuate under external influences. Investors remain attentive to market dynamics.
