Data shows the staking rate of the Ethereum Proof-of-stake contract (formerly called the ETH 2.0 upgrade) has surged up recently, a sign that could be positive for the crypto’s price.
Ethereum 2.0 Staking Rate Surges Up As Inflows Spike
ווי אנגעוויזן דורך אַן אַנאַליסט אין אַ CryptoQuant פּאָסטן, the ETH staking rate has observed a sharp increase recently as inflows have spiked up.
The “staking rate” is an indicator that measures the percentage of the total Ethereum supply currently locked into the סטאַקינג קאָנטראַקט.
Another metric, the “ETH 2.0 ינפלאָו,” tells us about the total amount of coins flowing into the contract in any given time period.
When the value of this indicator spikes up, it means a lot of Ethereum is moving into the staking contract right now.
Sustained such trend can be bullish for the price of the crypto as it means the available supply of the coin is going down since more ETH is becoming locked into the 2.0 contract.
פֿאַרבונדענע רידינג | עטהערעום ווייל סנאַפּס אַרויף $ 6 מיליאָן ווערט פון SHIB ווי אַקיומיאַליישאַן גאַנג האלט
Now, here is a chart that shows the trend in the ETH staking rate as well as the inflows over the past six months:
Looks like the values of the metrics have gone up recently | Source: קריפּטאָקוואַנט
As you can see in the above graph, the Ethereum staking rate has observed a rapid rise in the recent weeks. This means that more of the ETH supply is locked into the contract now.
This trend can also be seen in the ETH 2.0 inflows, which have also observed large values recently. These coins entering into the contract have meant that around 9% of the total supply of the crypto is now locked into staking.
פֿאַרבונדענע רידינג | עס., אי.יו., אָדער אזיע? דאָ ס וואָס פון די האט דאַמאַנייטאַד ביטקאָין פאַרקויפן זייַט לעצטנס
As explained earlier, this trend can be bullish for the coin’s price due to demand-supply dynamics. The selling supply of the coin essentially reduces as more Ethereum is held stationary in the contract.
ETH פּרייס
אין דער צייט פון שרייבן, פּרייַז פון עטהערעום פלאַץ אַרום $ 3 ק, אַרויף 5% אין די לעצטע זיבן טעג. אין די לעצטע חודש, די קריפּטאָ האט פארדינט 17% אין ווערט.
די אונטן טשאַרט ווייזט די גאַנג אין די פּרייַז פון די מאַטבייע אין די לעצטע פינף טעג.
The ETH price seems to have shot up over the past couple of days | Source: ETHUSD אויף טראַדינגוויעוו
After struggling for most of the month so far, Ethereum looks to have finally broke above the $3k mark again. But it remains to be seen whether the crypto can gain ground above the level this time, or if it will dwindle back down just like earlier in the month.
פעאַטורעד בילד פֿון Unsplash.com, טשאַרץ פֿון TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/ethereum-bullish-signal-eth-2-0-staking-spikes-up/