The total value of ETH stakes and validators on the network experienced substantial growth
Whales are showing interest in ETH as the number of transactions has surged

Ethereum [ETH] staking activity continued its upward movement as total value in ETH 2.0 was staked. down payment contract reached yet another ATH, data from Glassnode revealed.

How much are 1,10,100 ETHs worth today?

An analysis of the graph further indicated this this value has risen sharply since 6 January. This was when developers announced that the Shanghai upgradeenabling the withdrawal of staked ETH will go live in March 2023.

In spite of the 1.3% drop observed in the price of ETH at the time of writing, the king of altcoins has made a remarkable recovery since the FTX contagion hit the crypto market. The bullish cycle also witnessed ETH’s sprint to its pre-FTX market cap levels.

Turning off gets hot

The number of validators on the ETH network steadily increased by 0.61% over the seven-day period, per data of Staking Rewards. Transaction fee revenue also skyrocketed nearly 24%, lending credence to the lucrativeness of ETH staking.

The annualized pay rate, or the pay that validators can expect per year, was estimated to be 3.8%.

Source: Staking Rewards

Interestingly, the percentage of eligible tokens deployed was 13.87%, significantly lower than other popular chains such as Cardano [ADA] and Solana [SOL] which had an expansion ratio of more than 70%.

Whale transactions are on the rise

On-chain indicators confirmed the network’s growing appeal. Whale trades rose sharply, reaching their highest value in more than two months. On January 14, there were 5646 transactions, an increase of almost 30% compared to the previous month.

The number of new participants entering the network steadily increased, indicating that Ethereum adoption was on the rise.

Source: Sentiment

The increased activity was also highlighted by the speed indicator which surged to 3.99 on January 14. This suggested that ETH was switching wallets more often.

Is your wallet green? Check out the ETH Profit Calculator

However, ETH investors are wary that the Shanghai Upgrade could increase selling pressure in the market. Data analytics company Bitwise disputed the claim and mention that mass selling will be impossible as the amount of ETH that can be staked will be limited at any given time.

Bitwise also predicted that ETH will become deflationary in 2023 and the total circulating supply will fall by 1% or more, bringing more relief to investors.

This post Ethereum’s latest update could get ETH holders excited for 2023 as…

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