More than 5% of the Ethereum Supply Now Staked in ETH 2.0

Bingbon Chart

Source: TradingView& Bingbon

Bitcoin broke above $40,000 and attempted to break the current range as traders got confidence from recent positive comments about BTC by high-profile investors. The Bitcoin price has closed higher for a week. When last time this happened, BTC jumped 80% in the next month. Under a flat scenario, BTC would stay around its current price due to bull uncertainty for a long time. If the Bitcoin price stalls here, a fall under this psychological resistance will result in steep declines. Therefore, until a break, both the longs and the shorts will be nervous. If BTC quickly enters the area above $44,500, this may be viewed as an urgent buy signal by the FOMOs. This could drive BTC rolling to $50,000 and even to a new peak record. If the bears drop BTC below $38,800, then the bear market will continue. Traders could consolidate profits and produce a correction.

Today’s Headline

In the past month, ETH has picked up 25% in value. More than 6.6 million ETH now have been staked in Ethereum 2.0. This is more than 5% of the total supply of Ethereum. The ETH 2.0 network now has 200,000 validators accounting for about 6.6 million in Ethereum staked. The current annual percentage return (APR) is about 6.1%. This value is bound to go down as the staking supply increases. When 10 million ETH is locked in the deposit contract, the APR is expected to come down to about 4.9%. At the time of writing, ETH’s price floats around $2,300, up 30% in the past week.