Ethereum staking is thought to be a popular strategy for removing ETH tokens from the market, which lowers selling pressure on exchanges.
Holders gain from the yields and incentives from stakes held in the ETH2 deposit contract.
Following the Shanghai hard fork, developers announced the unlocking of staked ETH tokens, which raised concerns among experts that staking would become less popular.
On January 15, Total Value Staked (TVS) in the deposit contract reached a new record high of 16,042,047 ETH tokens, signaling an increase in staking activity.
The increase in TVS indicates that the ETH community is prepared to reward validators and yield prizes with additional tokens before the unlock in 2023.
The Ethereum update was included with it. Improvement Protocols is a significant turning point in the evolution of Ethereum, and the ETH community is keenly monitoring the occasion to forecast the price trend of ETH in 2023.
After the Shanghai hard fork, at least 35,000 ETH valued a minimum of $55.07 million will become available.
It is unclear how the unlock event will affect the biggest cryptocurrency network, although more supply is often bad for any asset’s price, which for ETH right now is $1541.
The behavior of big-money investors is often seen as crucial to the price trend of an asset.
An increase in big volume transfers might make the second-largest cryptocurrency in the ecosystem more vulnerable to selling pressure. On the Ethereum network, whales were more active; a significant upswing was seen with a 30% month-over-month increase in big volume transactions on the ETH.
