Ethereum stakers are undeterred by the US crypto crackdown
Despite recent warnings about crypto staking bans, data analysis shows that the amount of Ethereum staked is increasing.
Ethereum staked value is increasing: Cryptoquant
According to Cryptoquant data, the total value of Ethereum staked was still high on Feb. 17, despite the fact that many investors are preparing for the upcoming Shanghai Upgrade. Despite falling Ethereum prices, the value staked has steadily increased since September.
According to the charts, approximately 15.2 million Ethereum coins are held in relevant staking pools. However, according to Dune Analytics data, the value is even higher, at approximately 16.7 million Ethereum coins.
Ethereum stakers are unfazed by the US crypto crackdown
According to Cryptoquant data, even though the value of Ethereum dropped dramatically on November 9th, the amount staked continued to rise. Despite the extremely difficult market conditions, the value staked has skyrocketed. When Ethereum prices increased, the amount of Ethereum staked increased at a faster rate.
Even more intriguing is the fact that the daily inflow of staked ETH increased between November 7 and 9, when the FTX saga began. For instance, on November 7th, Cryptoquant reported that approximately 9,500 new Ethereum coins had been staked in pools.
However, on November 8 and 9, the values skyrocketed to 21,000. This figure continued to rise, reaching a high of 102,000 ETH on November 22. As a result, even during the worst of the crypto winters, Ethereum staking remained very appealing.
Will the SEC's threat to outlaw staking come true?
Surprisingly, the data presented above appears when the SEC sends threats to the crypto space. One of the most recent threats is the prohibition of stakes in the United States. The threat initially sent the entire cryptocurrency market into a tailspin. However, the market began to recover almost immediately. The market is currently fed up with the SEC and regulatory threats
The majority of Ethereum is held by the crypto network Lido.
According to reports, the Shanghai upgrade will go live sometime in March. This upgrade will enable the use of staked Ethereum. Even as the community waits for this upgrade, more investors are betting on Ethereum.
