The Shapella update for Bitcoin's biggest competitor, the cryptocurrency Ethereum, is getting closer and closer. On-chain data is giving mixed signals as investors investigate how the network upgrade will affect the ETH price.
Staking Entries Increase!
According to data from blockchain network tracker CryptoQuant, investors continued to stake ETH on the network as the update approached. Since the end of November, the number of Ethereum locked into the network regularly has been increasing.
According to the latest data, the staked amount has reached 18 million, which corresponds to 15% of the ETH tokens in circulation.
Who Owns the Most Ethereum?
The majority of Ethereum lovers thought that with the Merge update, the network would have a more decentralized structure. However, after the launch of the staking system, most of the total activity went towards the main validators. Cryptocurrency exchange Kraken is staking 1.2 million Ethereum on the network, according to Dune Analytics data.
A possible sanction by US government agencies on Kraken could therefore negatively affect the Ethereum price.
ETH, the native token of the largest smart contract network Ethereum, has recently outperformed Bitcoin, reaching as high as $ 1,900.
The $1,842 level may act as an intermediate support for ETH, which is currently trading at $1,880.