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Ethereum (ETH) Makes New Highs in This Metric as Price Slightly Increases

Wed, 06/07/2023 - 16:02
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Tomiwabold Olajide
Ethereum staking predicted to keep growing
Ethereum (ETH) Makes New Highs in This Metric as Price Slightly Increases
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On-chain analytics provider Nansen has pointed out that Ethereum keeps setting new highs in LSD staking.

Liquid staking derivatives (LSD) represent a user's staked assets, which they can deploy in DeFi activities to generate additional yield on top of their staking benefits. Interest in liquid staking has increased since the Ethereum Shapella upgrade.

Nansen observes that the amount of ETH staked with LSD providers such as Lido Finance, Rocket Pool, Frax Finance and Stakewise continues to increase each month.

"ETH staked with LSDs continues to hit all-time highs. May broke the previous monthly high, and the amount of ETH staked with LidoFinance, Rocket Pool, Fraxfinance, and Stakewise continues to increase each month," Nansen tweeted.

This comes despite the SEC's crackdown on staking, first with the Kraken crypto exchange, which later settled with the SEC by agreeing to shut down its U.S. cryptocurrency staking service and pay $30 million in penalties.

In a fresh regulatory crackdown, Coinbase was accused of violating securities laws with its staking program by some U.S. state regulators.

Despite the aforementioned challenges, interest in Ethereum staking is predicted to keep growing.

Ethereum major moves spotted in last 24 hours

At the time of writing, Ethereum was rebounding with the rest of the market, marginally up in the last 24 hours to $1,843.

On-chain analytics provider Lookonchain reports large Ethereum moves in the last 24 hours. It noticed that Cumberland, a trading firm, withdrew 20,000 ETH worth $37 million from Coinbase and then 4,850 ETH worth $9 million from Binance.

It also reported an unknown whale going long on ETH on both Compound and Aave. The whale reportedly deposited 16,100 ETH worth $30 million to Aave and another 16,500 ETH worth $31 million to Compound.

Ethereum (ETH) Might Reach $11,800, VanEck Predicts When

Whales, or large holders, continue to make their moves in the wake of the Binance and Coinbase SEC charges.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.