On-Chain Update: Large ETH Staking Activity
Recent on-chain data shows a significant amount of ETH being moved into staking, reducing the liquid supply available to the market.
Key details:
Entity: Bitmine, associated with Tom Lee
Amount staked: 171,264 ETH
Estimated value: ~$503.2M
Impact: ETH moved into staking is locked and not immediately available for trading
Market context:
Staking differs from exchange transfers, as it removes tokens from active circulation for an extended period. Large-scale staking by institutional participants can tighten liquid supply, particularly if network usage and demand remain steady.
Takeaway:
Sustained reductions in circulating supply may influence market structure over time, especially when driven by long-term holders rather than short-term trading activity.
