When Ethereum price tumbled to a 2024 low of $2,868 on April 19, it sparked fears of an incoming post-Bitcoin Halving crash driving ETH to new lows. However, rather than entering a large scale sell-off, ETH whale holders and Liquidity Staking Derivatives (LSD) users turned to the yield staking contracts to tide over the market downturn with passive income.
As hinted in an earlier report from The Crypto Basic, a $620 million surge in Ethereum 2.0 staking appears to have helped slow down the selling pressure in ETH markets over the past week.