Crypto NewsEthereumThe Amount of Ethereum Token (BETH) Staking on Bitcoin Exchange Binance Increased...

The Amount of Ethereum Token (BETH) Staking on Bitcoin Exchange Binance Increased More Than Fourfold!

According to DefiLlama data, the total value of Binance's staked Ethereum token, known as BETH, has more than quadrupled.

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According to DefiLlama data, Binance's staked Ethereum token, known as BETH, has surged significantly, with its total value locked (TVL) more than quadrupling to $731 million.

$573 Million Inflow to Binance for Ethereum (BETH) in September

The launch of the liquid staking token by the exchange in April coincided with Ethereum's transition to the proof-of-stake network. TVL initially ranged from $120 million to $170 million.

But that changed on September 1, with a $165 million flow from two transactions, followed two weeks later by a single $243 million transaction. It is worth noting that other than these two examples, inflows have not exceeded $500,000 in a single day.

Liquid staking tokens are derivatives obtained by staking Ethereum (ETH) on platforms such as Lido, Coinbase or Binance.

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Stakers receive these derivatives in return, allowing them to earn a return while holding an asset that can be used elsewhere in the decentralized finance (DeFi) sector.

According to Etherscan data, the four largest holders of BETH are all wallets controlled by Binance. This suggests that Binance may be reflecting its users' transactions on the blockchain.

While BETH's TVL is relatively smaller than platforms like Lido stake Ethereum, which has $14 billion, and Coinbase's $2 billion, irregular inflows mean that a particular entity or investor has significant exposure to Binance, despite the current regulatory uncertainties surrounding the crypto exchange. It shows that you have a certain amount of confidence.

*This is not investment advice.

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