Ethereum Attracts 60,000 New Depositors as ETF Launch Nears

Ethereum Price vs. ETH 2.0 Number of Unique Depositors (May 19 – June 29, 2024) | Source: CryptoQuant

The CryptoQuant chart below tracks real-time changes in the number of unique depositor addresses on the ETH 2.0 Beacon Chain staking network. For any proof-of-stake (PoS) network, an increase in the number of depositors is analogous to greater decentralization, greater network depth, and an increased number of coins being locked up and temporarily removed from market supply in the short term.

As seen above, there were 1,375,981 unique depositors on the ETH 2.0 staking network as of the close of May 19. But since Bloomberg analysts announced a “75% chance” that the SEC Approval Verdict on May 20, there was an unusual and persistent increase in the number of new depositors.

Since then, 59,894 depositors have staked their coins on ETH 2.0 beacon chain contracts, bringing the total number of unique staker wallets to 1,435,875 addresses at the time of publication on June 30.

This implies that there was a 4.35% increase in Ethereum 2.0 staking participation rate between May 20 and June 30, thanks to the approval of the ETH ETF.

Experts Concerned About Regulatory Implications of Ethereum ETF Staking

Meanwhile, amid growing optimism that Ethereum’s yield mechanism could trigger a major supply crisis as ETFs begin to stake their own deposits, Jonathan Solomon, co-founder and co-CEO of Algorithmic Rating Investment Analysis (ARIA), urged caution, citing regulatory hiccups ahead.

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