Staked Ethereum Hits 34.65 Million Mark as ETH Price Surges 8%

Staked Ethereum has reached an unprecedented milestone, with over 34.65 million ETH now locked in the Beacon Chain, marking a new all-time high. This surge in staking activity comes as the price of ETH reclaimed a 12-day high, surpassing $2,700. The amount of staked ETH has been relatively stable above 33 million for the past year, but it began to rise again in June, indicating a growing preference among holders to earn yields through staking rather than selling at current levels.

The record-high staking level is confirmed by multiple analytics platforms, with Dune Analytics reporting 34.8 million ETH staked as of Monday, and Ultrasound.Money reporting 34.7 million. This staked amount represents approximately 28.7% of the current circulating supply of Ether, which stands at 120.8 million. The increase in staking coincides with the return of issuance to an inflationary state in February.

The milestone in staking activity comes at a time when the industry is eagerly awaiting the approval of spot Ether ETF staking by the US Securities and Exchange Commission. Analysts have suggested that staked Ether ETFs could debut within the next few weeks, following a recent filing by ETF provider REX Shares that utilized regulatory workarounds. This development could further boost the staking ecosystem, as institutional investors seek to capitalize on the yield opportunities presented by staked ETH.

The price of ETH has shown resilience, gaining more than 8% on the day to reclaim $2,700 on Tuesday, its highest price since May 29. This price zone has served as resistance four times over the past month, and a sustained break above $2,700 could signal continued momentum for the asset. The surge in staking activity, coupled with institutional accumulation, suggests that ETH is poised for further growth as the market anticipates regulatory developments and increased institutional participation.