Data provided by blockchain analytics firm Nansen revealed that the ETH inflows had started to surpass outflows, indicating that users were restaking their rewards for better returns.
, the total number of ETH staked reversed its downward trajectory since 17 April. This was marked by increasing deposits and falling withdrawals.
Data from CryptoQuant added more evidence to this assertion. The staking rate, or the percentage of eligible tokens that were being staked, rose from 14.13% on the day of the upgrade to 14.61% as of 19 April.The confidence of users in ETH was also reflected in the withdrawal patterns. As per Nansen’s dashboard, just about 4.08% of the total locked ETH was waiting to be unstaked.
This ruled out concerns of an immediate sell-off, discussions around which heightened leading to the launch of Shapella.Money started to flow in the ETH futures market as the Open Interest consistently maintained an average of more than $7 billion since the launch of Shapella. This was its best performance in more than a year.
At the time of writing, the OI was $12.07 billion, recording a marginal drop in the last 24 hours. Most of the traders were positioned for an increase in the price of ETH as
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