Recent data from Nansen has unveiled intriguing statistics concerning locked Ethereum. According to the blockchain data and research platform, the amount of ETH locked reached a record-breaking figure, reaching 19,375,242 ETH.
This data attracted the attention of Binance CEO Changpeng Zhao, who recently shared his thoughts on the matter via his Twitter account. Ethereum recently completed the much-awaited Shapella upgrade. This upgrade allows validators to withdraw their staked ETH.
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
— CZ 🔶 Binance (@cz_binance) May 11, 2023
Ethereum sees bullish outlook, CZ shares
Binance CEO expressed his perspective through a tweet, stating, “Locked ETH at ATH. You know what follows?” CZ holds a bullish belief regarding this development as the locked ETH is effectively taken out of circulation, which is considered beneficial for the Ethereum network.
The locked ETH includes ETH staked in the beacon chain, ETH deposited in the beacon contract awaiting validation, and rewards on the beacon chain.
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However, the increase in locked ETH hasn’t had a positive impact on the price of Ethereum. According to CoinMarketCap data, Ethereum is currently trading at $1,790, experiencing a 2.5% decline in value over the past 24 hours.
Notably, ETH briefly surged above $2,000 following the Shapella upgrade but subsequently retraced to its present price. As the year 2023 kicks off, year-to-date data indicates that ETH has experienced a 50% increase, signaling a positive start for the second-largest cryptocurrency. However, it is important to note that Ethereum still has a significant distance to cover in order to reach its previous all-time high.