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    Home News Bitcoin News

    Ethereum Stakers In Massive Loss As 80% of Staked ETH Is In The Red

    Andy K by Andy K
    January 4, 2023
    in Bitcoin News
    Reading Time: 4 mins read
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    Ethereum Stakers In Massive Loss As 80% of Staked ETH Is In The Red
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    The bear market has resulted in multiple losses for individuals and even large entities, and according to recent data shared by crypto analytics site, Dune analytics, the majority of all ETH stakers are in the loss while fewer stakers remain in the money.

    The reason behind the result of more losses than profit is due to the market conditions starting in 2021 after the Ethereum Beacon chain was launched, to the present. ETH had reached a new all-time high (ATH) but has also fallen by more than 50% from the ATH.

    Related Reading: Ethereum Price Key Trend is Forming and Swift Recovery Could Occur

    Weekly Staked ETH Fall To Lowest Levels as Only 20% Of ETH Staked Is In Money

    The January 4 published data further showed that 80% of ETH staked are currently recording losses. The stakers who happen to be part of the 20% still in money are those that staked ETH at prices lower than the current levels. 


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    Dune analytics stats on staked ETH prices
    80% staked ETH underwater | source: Dune Analytics

    Per the data, a significant chunk of staked ETH was staked when ETH was still in the $600 price range — this dates back to December 2020 when the Beacon Chain was launched. Though ETH has since increased to a point where it’s now 50% higher than the 2020 price level, 80% of the currently staked ETH was staked at prices equal to or above $1,200.

    Following the massive losses recorded in staked ETH, the amount of weekly staked ETH has seen a sharp decline with fewer ETH staked since the last quarter of 2022. Over the past week, only a total of 25,000 ETH has been staked. 

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    Prior to the extreme market conditions, figures of roughly 150,000 ETH were being staked per week. Should ETH continue into a downward movement, chances are there could be massive withdrawals from ETH staking contracts when a withdrawal mechanism is implemented later this year. 


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    Considering The Long Term Perspective 

    Another narrative worth considering is the long-term perspective. Given the fact that most stakers already had an initial idea of keeping their ETH for the long term, they might as well turn a blind eye to the current price levels of Ethereum. 

    Besides, staking ETH directly or through an exchange would usually involve a committed two-year lockup period. For context, 15.9 million ETH is currently staked, representing 13.2% of the entire supply, according to Dune data reports. 

    Related Reading: Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break

    However, even with the dip that seems to be never-ending, there are still hopes for Ethereum and even other altcoins. As of the time of writing, ETH is up by over 3% in the last 24 hours with a trading volume of $5.2 billion over the same time period.

    Ethereum price chart from trading view
    Source [ETH/USDT] on TradingView.com

    Furthermore, a reversal is expected to happen, given the sharp upwards movements in what seems to be a false move.

    Featured image from istock, Dune analytics and TradingView

    Read More From Original Source

    Tags: Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break
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    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Despite other staff members helping themselves daily - Andy has a 'never-ending' container of 'Jelly beans' always sat on his desk, it's magic!

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