Ethereum Gains Momentum Above $3,000 Amidst Increasing Staking Activity

Ethereum’s price surge above the $3,000 mark signals a promising trajectory for further growth in the cryptocurrency’s value.

Recent data from intotheblock reveals a significant uptick in Ethereum supply staked, reaching 25% last week.

This surge in staked Ethereum is attributed to a substantial portion flowing into restaking protocols, reflecting growing confidence in Ethereum’s long-term potential.

Ethereum supply staked hit 25% last week, with large parts of this flowing into restaking protocols. In our next webinar, we'll dive deeper into restaking boom. Sign up to learn more
https://t.co/fUjyXwy18E

— IntoTheBlock (@intotheblock) February 24, 2024

Reports from Lookonchain further underscore the bullish sentiment surrounding Ethereum, with notable accumulation activities observed among whales in the market.

Whales are accumulating $ETH!

0x8B94 withdrew 14,632 $ETH($45.5M) from #Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt

2 fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the past 2 days.https://t.co/0kEvOmiv3hhttps://t.co/90fqjJXsSu pic.twitter.com/J0ewl8S3OX

— Lookonchain (@lookonchain) February 26, 2024

One prominent whale address, identified as 0x8B94, withdrew 14,632 Ethereum (equivalent to $45.5 million) from Binance and subsequently staked it within the past six days.

Additionally, two newly established whale wallets withdrew 6,000 Ethereum ($18.7 million) from Kraken over the past two days, indicating a concerted effort to accumulate Ethereum holdings.

Other Notable Ethereum Whale Movements To Monitor

In another significant development, a separate whale investor amassed 2,000 Ethereum ($6.2 million) from Kraken just a few hours ago.

This individual has been steadily accumulating Ethereum since May 24, 2023, and currently holds a total of 26,380 Ethereum (valued at $81.77 million) at an average acquisition price of $2,255. 

The whale accumulated 2,000 $ETH($6.2M) from #Kraken again 10 mins ago and has accumulated 26,380 $ETH($81.77M) at $2,255 since May 24, 2023.

The unrealized profit is $22.3M at the current price.https://t.co/3ToWyQSPvW pic.twitter.com/yIX6lfq7pE

— Lookonchain (@lookonchain) February 26, 2024

At the current market price, this investment reflects an unrealized profit of $22.3 million, highlighting the lucrative nature of Ethereum holdings amidst its upward trajectory.

The increasing staking activity and whale accumulation signal a growing confidence in Ethereum’s potential for long-term growth and stability.

As Ethereum continues to attract interest from both retail and institutional investors, its position as a leading blockchain platform for decentralized applications and smart contracts is further solidified, paving the way for continued bullish momentum in the Ethereum ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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