- Ethereum staked on the ETH2 deposit contract has hit a new all-time high of 15.9 million, accounting for more than 13% of the total supply.
- Following the mid-September Merge when ETH transitioned from proof-of-work to proof-of-stake blockchain, the number of small Ethereum holders has climbed.
- Ethereum price yielded nearly 31.8% gains for holders over the past month, following Bitcoin’s massive rally.
Ethereum, the second-largest blockchain, hit a new milestone on January 27, nearly four months after its transition to a new consensus mechanism. Over 15.9 million ETH tokens have been staked on the Beacon Chain.
The massive spike in ETH staked on the blockchain could act as a “bullish catalyst” for the altcoin.
Ethereum staked on Beacon Chain hits key milestone
Ethereum tokens staked on the deposit contract have climbed to 15.9 million tokens. This is a new all-time high. Within nearly four months of Ethereum’s Merge, where the smart contract network transitioned from proof-of-work to proof-of-stake, ETH has hit an important milestone.
Alongside a spike in ETH deposits on the staking contract, network activity climbed consistently. Based on data from crypto intelligence tracker CryptoQuant, there is a spike in active addresses on the demand side for Ethereum.
Ethereum Active Addresses on CryptoQuant
Interestingly, the count of small-sized Ethereum holders has climbed from 1.57 million to 1.73 million, a 10.4% QoQ increase. Following the Merge update, this is a bullish development for ETH holders.
Nearly 13% of Ethereum’s supply is staked, locked in the ETH2 deposit contract. This reduces the altcoin’s supply in circulation and keeps these tokens off exchanges, easing the selling pressure on the second-largest cryptocurrency.
The native token of the smart-contract blockchain network has yielded 31.8% gains for holders since December 31. Despite the recent decline in ETH’s price, a 3% week-on-week drop in the altcoin, the latest developments could fuel a recovery.