Amid growing staking demand, ETH price has made significant strides reaching a new yearly high above $2,800.
The total amount of staked Ether in the Beacon Chain has reached 30,206,801 ETH worth over $85 billion, locking up nearly 25% of the total circulating supply. Currently, there are 943,974 active validators on the Beacon Chain.
February has been bullish for the Ethereum network as between Feb. 1 and Feb. 15, investors deposited another 600,000 ETH into Ethereum 2.0 staking contracts. February also saw ETH price surge to new yearly highs above $2,800. It is currently trading at $2,774.
A quarter of the circulating supply locked in proof-of-stake (PoS) contracts is a bullish sign for the Ethereum network. The rise in the staked ETH adds to the network’s security and efficiency. It reduces the supply of ETH available to trade on exchanges, leading to a reduced supply amid growing demand.