Ethereum Experiences Price Volatility Amid Sell-Off Reports, Records New Staking High » The Merkle News

Ethereum Experiences Price Volatility Amid Sell-Off Reports, Records New Staking High » The Merkle News

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January 30, 2024

Despite a slight recovery, Ethereum price has been marked by significant sell-offs in the past 24 hours, with the token currently trading above the $2300 mark.

In a notable transaction, a large whale identified as 0x6f6…1723d initiated a sell-off of $WBTC and $ETH amounting to US$7.14 million. The whale withdrew 33.6 WBTC and 2,500 ETH from Aave and Lido, respectively, before selling them on the chain. The proceeds from the sale were then used to repay the loan in Aave.

Additionally, recent reports indicate that Cumberland DRW received 1,000 ETH, valued at 2.3 million US dollars, from the Alameda Research asset clearing account. This transaction, likely intended for sale, highlights the ongoing activity within the Ethereum market.

Ethereum Staking Hits New High Of $65 Billion

Meanwhile, CryptoQuant data analysis reveals that Ethereum staking has reached a new all-time high of $65 billion. Approximately 29.39 million ETH has been staked on the blockchain, representing nearly a quarter of the total circulating supply. 

The surge in staking activity has propelled the total USD value staked to $65.45 billion, accounting for approximately 35% of the total market capitalization of all proof-of-stake (PoS) assets.

These developments underscore the dynamic nature of the Ethereum ecosystem, characterized by price volatility and significant market activity. As Ethereum continues to evolve, investors closely monitor these trends, anticipating their potential impact on the broader cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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About The Author

Will

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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