Ethereum
Ethereum Attracts 60,000 New Depositors as ETF Launch Nears
Ethereum Price vs. ETH 2.0 Number of Unique Depositors (May 19 – June 29, 2024) | Source: CryptoQuant
The CryptoQuant chart below monitors real-time changes in the number of unique depositor addresses on the ETH 2.0 beacon chain staking network. For any proof-of-stake (PoS) network, an increase in the number of depositors is analogous to greater decentralization, greater network depth, and an increased number of coins blocked and temporarily removed from market supply in the short term .
As seen above, there were 1,375,981 unique depositors on the ETH 2.0 staking network as of the close of May 19. But since Bloomberg analysts reported a “75% chance” that the SEC Approval Verdict On May 20, there was an unusual and persistent increase in the number of new depositors.
Since then, 59,894 depositors have staked their coins on contracts on the flagship ETH 2.0 chain, bringing the total number of unique staker wallets to 1,435,875 addresses as of press time on June 30.
This implies that there was a 4.35% increase in Ethereum 2.0 staking participation rate between May 20 and June 30, due to the approval of the ETH ETF.
Experts Concerned About Regulatory Implications of Staking Ethereum ETFs
Meanwhile, amid growing optimism that Ethereum’s yield mechanism could trigger a major supply crunch as ETFs begin staking their own deposits, Jonathan Solomon, co-founder and co -CEO of ARIA (Algorithmic Rating Investment Analysis), urged caution, citing regulatory issues ahead.