Token holders have demonstrated a long-term interest in the crypto asset and the rewards it can provide by staking nearly one-third of all Ether.
On October 8, IntoTheBlock, an onchain data provider, disclosed that 28.9% of all Ether had been staked. According to the data platform, the percentage of ETH staked was 23.8% in January, indicating that an additional 5.1% of all ETH was staked in the past ten months.
Additionally, IntoTheBlock emphasized that 15.3% of the ETH that had been pledged had been staked for more than three years. The data provider thinks this is a robust indicator of “long-term confidence” in the future of Ethereum.
Despite staking, ETH Price decreases
Despite the increasing interest in staking ETH, crypto asset prices have decreased. Although ETH demonstrated significant strength in the first half of 2024, the token’s price encountered some obstacles in October.
ETH’s trading price surpassed $4,000 on March 12, a yearly peak. Nevertheless, the asset’s price has declined by 40% since March and is currently at approximately $2,400.
Analysts believe the asset’s recent decline may have been influenced by a lack of demand for the spot Ether exchange-traded funds and sell pressure from initial coin offering participants.
ETH’s price experienced a 12% decline between October 1 and October 3, as it could not surmount $2,650. The bearish sentiment negated the asset’s profits over the past two weeks.
Reducing the minimum solo-staking threshold
In the interim, Vitalik Buterin, the co-founder of Ethereum, recently expressed his support for reducing the prerequisites for solitary staking.
Buterin participated in a conversation on X regarding solitary staking on October 3. The Ethereum co-founder acknowledged the significance of reducing the minimal ETH requirement for investors to earn by staking alone.
Although staking platforms are accessible to users with limited funds, holders who wish to stake independently would require 32 ETH, equivalent to nearly $80,000. Buterin acknowledged in a post that this could discourage broader participation in staking.
