Ethereum Staking Hits Record High Ahead of 11-Year Anniversary
Ethereum's 11th anniversary is approaching, and the cryptocurrency market is showing signs of optimism. As the price of ETH nears $1,900, a record amount of staking has been recorded with 40.2 million coins now locked up, worth around $63 billion.
The shift in asset allocation among institutional investors may also be contributing to the positive sentiment. According to an Arkham tweet, BlackRock's clients recently sold about $60 million worth of the IBIT Bitcoin ETF, but purchased more than $20 million of ETH instead.
While this does not necessarily mean BlackRock has lost confidence in Bitcoin, it suggests some institutional money is being redirected towards Ethereum. Staking numbers indicate long-term holders remain confident in the cryptocurrency's potential.