$1,000,000,000 in Ethereum Just Staked by Fundstrat: Will It Help Price?

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News A lot staked Ethereum stays trapped Advertisement One of the biggest coordinated inflows of the year was recently seen in Ethereum staking, and it was not from anonymous wallets engaging in gaming. As the market chops sideways, Bitmine, Tom Lee's Fundstrat-backed company, is aggressively pushing ETH into staking, thereby locking up supply at scale. Advertisement A lot staked Bitmine has staked 342,560 ETH over the last two days or about $1 billion at current prices, according to on-chain data. Additionally, these deposits were not arbitrary. Batch deposit contracts were used to route the transfers, which were divided into clean repeated tranches of 28,320 ETH each. It is not retail noise, that is operational discipline. Bitmine staked 74,880 ETH or roughly $219.2 million in a short amount of time on Dec. 27. ETH/USDT Chart by TradingView About four hours prior, SharpLink Gaming went in the opposite direction, redeeming 35,627 ETH (roughly $104.4 million). As a result, staking inflows continued to predominate, supporting the larger trend of long-term positioning as opposed to short-term liquidity hunting. This is significant because staking at this level is a structural bet on Ethereum's base layer economics rather than merely a yield play. Each ETH that is locked into staking is taken out of circulation right away. HOT Stories Schiff Claims Bitcoin 'Wastes' Energy Crypto Market Prediction: Bitcoin Could Spike Above $90,000, Shiba Inu (SHIB) Hits Hidden Reversal Level, Will Ethereum's (ETH) New Year Pump Happen? Fidelity’s Macro Guru Turns Bearish on Bitcoin Morning Crypto Report: Legendary Trader Speaks out on $24,111 Bitcoin Anomaly on Binance, Cardano's Hoskinson Calls out New Project and Brings up XRP, Dogecoin (DOGE) Posts 'Naughty List' Ethereum stays trapped When that occurs during a phase of consolidation or correction, the available supply tends to be compressed just as volatility is beginning to dry up. Ethereum's price is presently trapped below important moving averages, and the chart displays a contracting structure following a protracted decline. Volume is muted, price is coiling rather than trending, and momentum indicators are flat. Advertisement That seems dull on its own. Given the billion-dollar inflows for staking, it could be beneficial. Big organizations do not unintentionally stake themselves into vulnerability. When they anticipate that time will favor them, they stake. Ethereum as a yield-bearing infrastructure rather than merely a speculative asset is the longer-term thesis that Bitmine's operations support. It does not really matter if the price moves sideways for another month or breaks higher the following week. What's important is that a sizable portion of ETH recently became illiquid . #Ethereum #Tom Lee