Are Ethereum’s staker holdings undervalued? New data suggests…
According to Santiment, holdings of Ethereum‘s long-term stakers have fallen by 31% over the last 10 weeks. In fact, the data suggests that most of the assets of these stakers are currently undervalued.
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This can be underlined by the declining realized value of ETH 2.o stakers. Despite having low returns, stakers have continued to show interest in ETH.
Source: Santiment
Data from Staking Rewards indicated that the number of stakers on the Ethereum network have continued to rise. Over the past month, the number of stakers on the network increased by 6.14%. At press time, there were 544,248 addresses staking ETH.
Not only stakers, but retail investors also demonstrated their interest in Ethereum. According to Glassnode’s data, the number of addresses holding more than 0.01 coins rose materially over the past few months.
As staker and retail interest begins to rise and the Shanghai Upgrade inches closer, many traders are starting to place bets on Ethereum’s future. The same was evidenced by rising Open Interest in Ethereum on BitMEX, with the same hitting a 4-month high of $76,153,778.12 at the time of writing.
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