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.
LDO price is well-positioned to gain another 50% by June based on a classic bullish reversal setup after Lido DAO rebounds 40%.
Ethereum's supply across whale addresses has dropped consistently since March 2020, offset by greater retail interest.
Cardano is one of the largest layer-1 blockchains by market capitalization, but what does the DeFi ecosystem offer for staking?
Ether stakers have withdrawn $1.21 billion worth of ETH from Ethereum staking contracts since the Shapella upgrade.
The top 100 DeFi tokens surged along with the broader crypto market as the total value locked peaked at a new yearly high of over $54 billion.
ETH price rallied as deposits briefly surged after the Shapella, but on-chain data suggests that 1.4 million ETH will be withdrawn in the short-term.
A majority of the validators are withdrawing their staking rewards rather than the whole 32 staked ETH.
Ethereum staking withdrawals are picking momentum. But they have not been able to cause a major selloff as many had anticipated post the Shanghai upgrade.
Volumes from the top five Ethereum staking platforms suggest holders are hedging against the unknown until after ETH withdrawals are enabled.
