Piling assets fears have skyrocketed on the Ethereum Network, reaching record levels recently.
According to Ark Invest CEO Cathie Wood, the 2% cryptocurrency transfer fee offered by Robinhood could lie behind this sudden, gradual demand.
Responding to questions within the community about the sudden surge in Ethereum’s volatile demand, Wood said: Wood added that these companies operate similarly to MicroStrategy (MSTR) and Bitmine (BMNR), and that Brokerage Advisors offers client BTC and ETH investments through these types of stocks.
This massive diventurous drive by Ethereum Network’s Balidators and long-term investors outperformed the Celsius-induced outflow wave in January 2024. Approximately 693,000 ETH, or $2.6 billion worth of assets are currently waiting to be withdrawn, according to Onchain data. This is the biggest stage wave since the introduction of Ethereum’s staking mechanism.
Due to a large number of withdrawal requests, the withdrawal queue was extended to 12 days. However, the amount of ETH waiting to be staked remains at just 296,000 ETH, indicating a very low demand for restakes.
According to staking service provider Everstake, Validators are not present for sales as well as strategies such as reopening and optimization. Ark Invest CEO Wood said some of these non-staking transactions are linked to institutional investors relocating ETH bets on digital asset financing companies such as Sharplink Gaming and Bitmine Technologies.
*This is not investment advice.
