The total amount of Ethereum pledged is constantly rising and is now close to its historical high of 33.3 million ETH, accounting for 27.7% of the entire Ethereum supply. Behind this growth is the market's expectation that the United States will approve a spot Ethereum ETF within two weeks, which has stimulated investors' enthusiasm for buying. They hope to capture the possible price increases after the ETF approval by making early arrangements.
Julio Moreno, head of research at CryptoQuant, pointed out that the current amount of ETH staked is not only increasing, but is already very close to its historical peak. This phenomenon shows that although the supply of Ethereum is slowly growing, its characteristics as an inflationary asset are re-emerging, which may weaken its attractiveness as a value storage tool. To meet this challenge, staking Ethereum has become a strategy that not only locks ETH for a period of time, but also reduces the supply by destroying or permanently removing it from circulation.
Moreno further emphasized that the total supply of ETH has reached its highest level since December 11, 2023, marking the end of the narrative of "supersonic currency". This change is crucial to understanding the long-term value and market dynamics of Ethereum.
About Ethereum’s Liquidity
Moreno said that according to the latest spot trading volume data, the liquidity of Ethereum (ETH) may be similar to that of Bitcoin (BTC). In the past few weeks, ETH's spot trading volume has remained between 80% and 90% of Bitcoin's trading volume, showing that its activity and market acceptance as a trading asset are rapidly increasing, and its trading convenience is gradually approaching Bitcoin, the leader of the cryptocurrency market.
In addition, according to CoinMetrics, about 12% of the total Ether supply is currently used for smart contracts or bridges connecting different blockchains. If staked tokens are included, about 40% of the Ether cryptocurrency supply is considered "locked" and not actively traded. This lock-up not only reduces the circulation in the market, but also provides support for the value stability of Ethereum.
Currently, the market's focus is on the approval of the Ethereum spot ETF. This approval is expected to attract new capital inflows, pushing the price of Ethereum to $6,000 or even higher historical highs. At the same time, analysts expect billions of dollars of funds to flow into the Ethereum market in the months after the ETF is approved.
At the same time, Tron founder Justin Sun has also shown great interest in Ethereum. In the past few months, he has actively purchased more than $1.1 billion worth of ETH. This behavior not only reflects the market's recognition of the value of Ethereum, but may also indicate that the Ethereum market will become more active in the future.
Conclusion:
As the approval of a spot Ethereum ETF approaches, market interest in Ethereum (ETH) has surged, and the market's popularity has also increased significantly. The active layout of investors and the increase in pledge volume indicate that the Ethereum market may enter an active period and usher in a re-evaluation of value. During this period, market demand for ETH and trading activity are expected to reach new heights.
Although the growth of Ethereum's supply may challenge its status as a store of value, the implementation of staking strategies and the market's positive expectations for ETF approval support Ethereum's long-term growth and stability. Analysts and investors need to pay close attention to the progress of Ethereum ETF approval, which will be a key factor affecting Ethereum market liquidity and price. #以太坊ETF #ETH质押 #市场动态 #流动性