Ether Hits 19-Month High Amid Restaking Boom
Over a quarter of the ETH supply is now staked, with 1.5M ETH ($4.2B) added this year alone.
By: yyctrader • Loading...
Markets![Ether Hits 19-Month High Amid Restaking Boom](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fb1ed56f708d734b7d9794c8b08975805481f3253-1792x1024.webp&w=828&q=75)
As better-than-expected Bitcoin ETF inflows buoy crypto markets, the second-largest digital asset may finally be waking up.
ETH has surged 16% in the past seven days and is trading above $2,800 for the first time since May 2022, just before the $40B implosion of Terra.
![ETH Price chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F1339b431f341194d7cd5d770ef93bb3f53f98659-813x428.jpg&w=828&q=100)
The ETH/BTC ratio is on the rise after hitting its lowest level in nearly three years in January. Ether has generally underperformed Bitcoin since the Merge transitioned the network to proof-of-stake in September 2022.
On Feb. 7, the amount of Ether staked to secure the network crossed 30M ETH for the first time, pushing the staking rate above 25%, an all-time high. More than 10M ETH ($28 billion) has been staked since Ethereum’s Shanghai upgrade went live in April 2023.
![ETH Staking Flows](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fbe0be2d05a46bd18b3461b33a1a46062222c53a6-806x381.jpg&w=828&q=100)
After remaining relatively flat in December, deposits accelerated in 2024 due to the ongoing EigenLayer restaking boom. DeFi investors have plowed over $6 billion into the highly anticipated protocol, leading it to amass more than 10% of all liquid staking tokens (LSTs) in circulation.
DeFi TVL Approaches $50 Billion
The total value locked (TVL) in DeFi protocols on Ethereum stands at $49 billion, a nine-month high. In ETH terms, TVL is up 20% in the past month alone, mainly driven by EigenLayer and linked protocols like Pendle and ether.fi.
![Ethereum DeFi TVL chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fe2983ce85cfef2688a3c067ff1dfd71855a0ed36-983x414.jpg&w=828&q=100)
Surging on-chain activity driven by ERC404 tokens has resulted in elevated transaction fees, which sit at a two-month high. ETH has slipped back into deflationary territory, with 28,600 ETH – $80 million – burned in the past seven days.
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