Ethereum

After the <a href="https://finbold.com/ethereum-shanghai-upgrade-goes-live-april-12-will-eth-hit-2000/" rel="noopener noreferrer nofollow">Shanghai</a> upgrade enabled <a href="https://finbold.com/guide/cryptocurrency-staking-guide/#What_is_cryptocurrency_staking" rel="noopener noreferrer nofollow">staked</a> Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) withdrawals, more people are choosing to lock up their coins in beacon deposit contracts, demonstrated by the fact that since the update, the amount of staked <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> has increased rapidly and set a new record.Specifically, the amount of Ethereum staked has reached a new all-time high (ATH) as it surpassed 25.8 million ETH, currently worth over $48 billion, according to the recent data shared by the <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> and <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency industry</a> analytics platform CryptoRank in a <a href="https://twitter.com/CryptoRank_io/status/1674433238314668033" rel="noopener noreferrer nofollow">tweet</a> on June 29.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4daa54f045c74a8f83d3e2f4a02539b9.jpg" />Ethereum deposit contract value. Source: <a href="https://twitter.com/CryptoRank_io/status/1674433238314668033" rel="noopener noreferrer nofollow">CryptoRank</a>Notably, the Ethereum deposit contract balance had <a href="https://finbold.com/shanghai-upgrade-drives-ethereum-staking-to-record-breaking-40-billion/" rel="noopener noreferrer nofollow">crossed the value of $40 billion</a> in late May, demonstrating a sharp move upward since the introduction of the critical feature that was not present during Ethereum’s transition from the proof-of-work (PoW) to the proof-of-stake (<a href="https://finbold.com/guide/cryptocurrency-staking-guide/#ProofofStake_vs_ProofofWork" rel="noopener noreferrer nofollow">PoS</a>) consensus mechanism after the <a href="https://finbold.com/explained-what-the-merge-in-ethereums-shift-to-proof-of-stake-consensus-really-means/" rel="noopener noreferrer nofollow">Merge upgrade</a>.<h2 id="header-0">Ethereum price analysis</h2>Meanwhile, Ethereum was at press time changing hands at the price of $1,885.63. This represents an increase of 2.08% in the last 24 hours, a 0.24% gain across the previous seven days, and an advance of 0.80% on its monthly chart, as per the latest information retrieved on June 30.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0686233e4ab0467c92915bc3bcf4b32e.png" />Ethereum 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">Finbold</a>Recently, the richest Ethereum non-exchange addresses have been growing their holdings while the top exchange addresses marked record lows, near genesis levels, illustrating fears of further <a href="https://finbold.com/coinbase-sued-by-sec-in-new-york-federal-court/" rel="noopener noreferrer nofollow">lawsuits</a> against <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchanges</a>, as Finbold <a href="https://finbold.com/ethereum-non-exchange-addresses-thrive-as-bulls-and-bears-clash-at-1900/" rel="noopener noreferrer nofollow">reported</a> on June 27.Indeed, after the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) sued <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> platforms <a href="https://finbold.com/review/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase</a> and <a href="https://finbold.com/review/binance-review/" rel="noopener noreferrer nofollow">Binance</a>, fears seem to have caused an increase in the <a href="https://finbold.com/bitcoin-held-on-exchanges-drops-to-lowest-in-over-5-years-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">migration</a> of digital assets off them, including the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>).Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum is gaining investors’ confidence as go-to asset for passive income

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