Despite the price fluctuations, Ethereum staking is on the rise. According to ETH Validators, a Twitter Ethereum tracker shows that since the launch of Ethereum 2.0, the number of ETH locked up in the upgrade has increased to five million.
ETH Validators noted that at current prices, over $13 billion worth of the asset is now staked. This is equivalent to about 4.4 percent of the total Ethereum in the market. At an exchange rate of $2754, this means those staking are paying an average of $87,907.
The tracker also noted that the number of investors staking Ethereum on a daily basis has been on the rise. It estimates that an average of 1097 new validators is coming to the market daily. This means the digital coin now has 148,761 validators.
This Ethereum staking data coincides with the increased number of investors moving their holdings to cold storage. Data from Glassnode shows that there is an increased withdrawal of large amounts of the assets from exchanges.
— glassnode alerts (@glassnodealerts) May 26, 2021
On top of that, the number of new crypto users buying the second largest crypto asset by market cap is on the rise. The number of new ETH addresses has shot up to a high of 59,723,647. CoinShares data shows that there is also an increased movement of funds from Bitcoin to Ether.
The company noted that the shift to Crypto Queen coincides with the upcoming London Fork. The upcoming fork will double its capacity. This will help ease congestion on the network even though it will not deal with it completely.