Although the quantity of Ethereum staked on the Beacon Chain has hit new highs, some people are afraid about a big sell-off following the Merge.
According to Glassnode, the amount of ETH staked in the Beacon Chain smart contract has surpassed $12.76 million. In May, it announced that 398,000 unique validators staked, with another 19,800 staked and coming online.
The amount of staked ETH, according to Glassnode, is 10.73% of the total supply. The value of the assets is estimated to be roughly $23.3 billion at current prices. Other sites give slightly different numbers, with the Ethereum Launchpad dashboard indicating 13.36 million ETH staked, or 11% of the entire supply.
In any case, the rise in staking and validating is a vote of confidence for the Ethereum ecosystem in the midst of a bear market filled with negative emotion and FUD.
The much-anticipated Ethereum Merge is scheduled to start in August, but some industry observers are concerned. The Merge will stop proof-of-work mining and switch the network to proof-of-stake, resulting in a 99% reduction in energy consumption.
Many in the crypto world believe that after the Merge occurs, all of this staked ETH will be sold to markets. For a variety of reasons, this is unlikely to happen.
Fundamentals are rarely included in pricing during negative markets, so it’s unlikely that ETH prices would rise as a result of the Merge. Some industry analysts believe the Merge will be beneficial to Ethereum prices, but only time will tell.
The price of Ethereum is presently $1,826. The bears, on the other hand, have complete control, as the asset has lost 10% in the last two weeks and 34% in the last month. It is presently down over 63% from its all-time high in November.
The previous bear market saw ETH drop 94% to $85 in December 2018, indicating that the world’s second-largest crypto asset might be in for a lot more pain.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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