Staked Ethereum has clocked a new record as the asset’s price reclaimed a 12-day high amid major institutional accumulation.
The amount of Ether (ETH) staked on the Beacon Chain reached a record high of 34.65 million ETH on Sunday, eclipsing the previous high on Nov. 10, 2024.
The amount of Ether staked has been relatively stable, above 33 million for the past year. However, it started to tick up again in June, according to the network explorer Beaconcha.in.
The higher staking level indicates that more holders are not prepared to sell at current levels, preferring a yield from staking instead.
Almost 30% of supply staked
A Dune Analytics dashboard confirmed the record figure, reporting that 34.8 million ETH was staked as of Monday, while Ultrasound.Money reports 34.7 million staked.
The analytics platform also reports that the current amount staked is equivalent to 28.7% of the current circulating supply of Ether, which is 120.8 million, as issuance returned to inflationary in February.
ETF staking coming soon?
The milestone also comes as the industry anticipates the approval of spot Ether ETF staking by the US Securities and Exchange Commission.
Related: SEC crypto staking guidance ‘major step forward’ for US: Crypto Council
Analysts have suggested that staked Ether ETFs could debut “within the next few weeks,” following a recent filing by ETF provider REX Shares that used “regulatory workarounds.”
Meanwhile, BlackRock’s industry-leading iShares Ethereum Trust (ETHA) has been aggressively accumulating the asset with 23 consecutive trading days without an outflow, according to Farside Investors.
ETH price at 2-week high
The amount of Ethereum staked has surged 77% over the past two years despite the asset’s lackluster price performance, which has seen a gain of around 50% over the same period but nowhere near a new all-time high.
However, ETH prices had gained more than 8% on the day to reclaim $2,700 on Tuesday, its highest price since May 29, almost a fortnight ago.
The $2,700 price zone has served as resistance four times over the past month, so this needs to be broken for momentum to continue.
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