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Locked Ethereum Hits ATH; CZ of Binance Believes This Is Bullish

Thu, 05/11/2023 - 14:21
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Yuri Molchan
Head of Binance has dropped bullish hint at recent Ethereum ATH by this metric
Locked Ethereum Hits ATH; CZ of Binance Believes This Is Bullish
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Chief executive of Binance and co-founder Changpeng Zhao (aka CZ) has taken to Twitter to share his take on the historic peak reached by Ethereum the other day: the amount of ETH locked in the staking contract.

As Nansen blockchain data research company reported on May 9, the number of ETH coins locked and staked on Ethereum Beacon Chain has topped a total of 19,375,242 coins.

Nansen account stressed that all these coins are locked and will be out of circulation for a long time. Besides, they will ensure rewards to stakers on the Beacon Chain. The fact of the all-time high of locked coins shows the high interest of investors in the proof-of-stake algorithm adopted by Ethereum instead of proof of stake since the recent upgrade.

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CZ of Binance clearly believes this is bullish, so he tweeted, "You know what follows?" as if he expects the Ethereum price to begin surging. That is what is usually expected when the circulating supply of a cryptocurrency shrinks, and it is often achieved by so-called "burning," which is basically also getting coins locked away.

On May 6, the second largest cryptocurrency, Ethereum, surged to a local high, regaining the $2,000 level last seen in mid-April and, before that, on May 31 last year. Since last Saturday, however, ETH has already lost 9.2%, exchanging hands at $1,821.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at