ETH Staking Surges Amidst SEC Approval Speculations

IconCryptoNewsTerminal Staff11 Jul, 2024

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ETH Staking Surges Amidst SEC Approval Speculations

Analysis: According to CoinDesk, Julio Moreno, head of cryptoquant research, analyzed that "The volume of ETH staking continues to grow as the possibility of the US Securities and Exchange Commission (SEC) approving the launch of an Ethereum (ETH) spot ETF becomes more evident." In this regard, he stated that "The total amount of ETH in staking is currently around 33.3 million ETH. This represents 27.7% of the total ETH supply and is close to its all-time high. Recently, ETH has moved away from the deflationary (supply reduction) model and has returned to being an inflationary asset. However, in the last few weeks, ETH spot trading volume has shown remarkable liquidity, maintaining 80-90% of BTC's volume." On the other hand, users of the decentralized prediction platform Polymarket predict a 90% probability of an Ethereum spot ETF being approved by July 26th.

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