After Bitmine launched an staking platform, the Ethereum Foundation completed its largest single deposit as it staked $46.2M worth of Ethereum. This event has been recorded by Arkham as the Foundation’s largest transaction of this type.
Ethereum Foundation Fully Commits to Treasury Policy
According to Arkham, the Ethereum Foundation has staked $46.2M worth of ETH. This is the largest single deposit by the Foundation ever. The speed of the Foundation’s staking effort is noteworthy.
To clarify, the Ethereum Foundation revealed its staking plans in February. They revealed a target of 70,000 ETH. This is more than $140 million worth of ETH at its current value of around $2,000. In that same period, they made a 2,016 ETH deposit. After that experimental deposit, they have now staked around 22,517 ETH at once.
When looking at their treasury policy, the staking of ETH can be seen as a fundamental element of securing the Ethereum network and funding the Foundation’s core activities.
Vitalik Buterin’s Noteworthy February Moves
This staking milestone comes as Vitalik Buterin also made waves in February when it came to Ethereum. For instance, Lookonchain’s data shows that Buterin sold 17,196 ETH, valued at around $34.96M in February. This number was higher than his planned 16,384 ETH sale.
This may look contradictory, but this is indeed a practical strategy. Selling ETH gives liquidity and possibly funds to develop its ecosystem, while staking shows a more long-term goal of securing the network.
Wider Effects of This Staking Move
The potential effects of this action go beyond the Ethereum Foundation. With this deposit, other big holders and institutions may want to begin ramping up their staking of ETH as well. An increase in staked ETH means there is less circulating supply of ETH. In the long run, this might impact the value of ETH. But, the Ethereum ecosystem is seeing growth and the increased staked ETH has a positive effect on security.
The Ethereum Price Keeps Rising
Amid all these developments, Ethereum has been rising on the price charts. According to CoinMarketCap, ETH is up more than 10% on the 30D time frame. ETH went from approximately $1850 to more than $2000 within that time frame. It even reached $2350 at one point, but then fell again.
Not only that, but Investing.com data shows that the technical indicators are flashing buy signals for Ethereum at the moment. Notably, its 13-day bull/bear power indicator shows that bulls are in control. It has a value of 53.10, which is positive and suggests bulls are pushing the ETH price higher than its 13-day average.
Moreover, the MACD (12,26) level is also in the buy zone at 14.79. This indicates that the 12-day moving average is above the 26-day moving average. In other words, buying pressure is rising and the current uptrend for ETH may continue.