19% Of Staked ETH Supply Locked In Exchanges
Investors have staked 23.36 million ETH, amounting to approximately $44 billion, exceeding the ETH balance on centralised exchanges such as Binance and Coinbase. According to Nansen data, this constitutes 19.4% of the current supply. However, Beacon Chain data indicates that just 20.3 million ETH is now staked, raising concerns about the disparity between Nansen and Beacon Chain data.
Centralized exchanges’ ETH holdings have declined due to the US SEC’s crypto crackdown. Nansen data shows that ETH holdings have been slashed by 5 million ETH since the Shapella upgrade in mid-April, allowing the withdrawal of staked ETH. Coinbase’s ETH balance declined by 1 million ETH to $7.2 billion, while Binance’s ETH balance fell from 4.7 million ETH to 4.1 million ETH. Staking deposits have outpaced withdrawals, reversing the trend of rapid withdrawals after the SEC’s lawsuits against Binance and Coinbase. Furthermore, Lido’s total value locked (TVL) increased by 12.72% last week.
(With inputs from Shikha Singh)
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