Last week, investors staked some 571,950 ether (ETH), the largest inflow in token terms since Ethereum started allowing staking. Deposits from Institutional staking platforms and reinvesting rewards drove the influx. sndr_krisztian reports
Another likely catalyst for the record inflow has been investors choosing to reinvest their previously earned and withdrawn rewards from staking, Anders Helseth, vice president of digital asset market research firm K33 Research, explained in an emailed note.
Through the first eight days after the upgrade, investors withdrew some 900,000 ETH in staking rewards. Meanwhile, staking deposits totaled some 667,000 tokens, which was six times larger than the amount deposited during the last eight days before allowing withdrawals. The dynamic indicates that investors decided to restake a large part of the withdrawn rewards, Helseth wrote.The Shanghai upgrade was a “net positive” in terms of total staking inflows, Noelle Achison, a market analyst and former head of research at Genesis Trading and CoinDesk , wrote in a“So far, the rhythm of new deposits has exceeded the amount leaving the network, if rewards can be excluded,” she said.
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