US debt ceiling, declining trust in banks send ETH staking to record highs
The record surge in Ethereum staking in May was attributed to the ongoing U.S. debt ceiling saga, confidence in the U.S. dollar, bank collapses and the high APR offered on ETH staking. The number of staked Ether (ETH) in May reached a new all-time high of 2.96 million ETH, approximately 2.46% of the total supply. The amount of ETH staked in May does not include withdrawals and is more than twice as big as the second-highest amount registered in February 2022. Monthly amount of staked Ether since November 2020. Source: Dune The significant surge in staked ETH comes within a month of the Shapella upgrade on April 12, allowing validators to withdraw their staked ETH after two years. Many then believed the heavy un staking of ETH could be a bearish event for the Ethereum network. However, an estimated less than 1% of all staked ETH was sold after Shapella. In the week after Shapella, nearly a million ETH were withdrawn by validators from the Beacon Chain. However, with the start of May,...