Ethereum
Ethereum attracts 60,000 new depositors as ETF launch approaches
Ethereum Price vs. ETH 2.0 Unique Depositor Count (May 19 – June 29, 2024) | Source: CryptoQuant
The CryptoQuant chart below tracks real-time changes in the number of unique depositor addresses on the ETH 2.0 Beacon Chain staking network. For any Proof of Stake (PoS) network, an increase in the number of depositors is analogous to greater decentralization, greater network depth, and an increased number of coins being locked up and temporarily removed from market supply in the short term.
As can be seen above, there were 1,375,981 unique depositors on the ETH 2.0 staking network as of the close of May 19. But as Bloomberg analysts have reported, there is a “75% chance” SEC Approval Verdict On May 20, there was an unusual and persistent increase in the number of new depositors.
Since then, 59,894 depositors have staked their coins on ETH 2.0 beacon chain contracts, bringing the total number of unique stakers’ wallets to 1,435,875 addresses as of press time on June 30.
This implies that there was a 4.35% increase in Ethereum 2.0 staking participation rate between May 20 and June 30, due to the approval of the ETH ETF.
Experts Concerned About Regulatory Implications of Ethereum ETF Staking
Meanwhile, amid growing optimism that Ethereum’s yield mechanism could trigger a major supply crisis as ETFs begin staking their own deposits, Jonathan Solomon, co-founder and co-CEO of Algorithmic Rating Investment Analysis (ARIA), urged caution, citing regulatory issues ahead.