Ethereum
Ethereum whales are betting big on staking!
10:30 p.m. ▪ 3 min read ▪ by Eddy S.
On July 11, 2024, crypto whales showed increased interest in staking and ETH tokens within the Ethereum ecosystem. Data reveals that these large investors are moving funds to Binance, not to sell, but to take advantage of the passive income opportunities offered by Wrapped Beacon ETH (WBETH). This token, which is part of the EigenLayer ecosystem, is increasingly attracting the attention of traders due to its potential yield.
Crypto: Ethereum Staking at $49 Million!
The increased whale activity shows a focus on ETH and the broader Ethereum ecosystem. This, along with significant fund movements towards staking rather than realizing immediate profits. A notable example is a whale that purchased 16,074 ETH worth about $49.24 million. This whale withdrew them from Bitfinex, Binance, and Coinbase to stake them.
This crypto transaction, completed in a week, illustrates the trend of whales testing new forms of staking. Staking ETH through specific entities is seen as a secure method of holding tokens while receiving liquid staking tokens for trading.
Whales in search of new opportunities
WBETH has become a very active token, often offering arbitrage opportunities. Currently, WBETH holders can trade at a premium to spot ETH, which could explain growing deposits in Binance’s staking program. Additionally, Binance offers an annual yield of 2.85% for staked ETH! This further enhances the appeal of this crypto product.
Analysts predict that this trend could continue, especially with the potential launch of an Ethereum ETF in the coming days. This development could push the price of ETH above the $4,000 threshold. Whale movements are closely watched as they can signal significant changes in the cryptocurrency market.
The growing interest of whales in ETH staking and Ethereum ecosystem tokens reflects a renewed confidence in the growth potential of this network. This dynamic could play a key role in the continued adoption and maturation of the Ethereum Ecosystem.
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Eddy S.
The world is changing and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in everything that is closely or remotely related to blockchain and its derivatives. To share my experience and promote a field that fascinates me, there is nothing better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.