Ethereum (ETH) price rebounded mildly on Tuesday after an industry-wide retracement induced by SEC’s lawsuit against Binance and Coinbase. An in-depth analysis of the on-chain data shows how investors are reallocating capital away from troubled altcoins.

On-chain data shows that staking activity on Ethereum has increased significantly this week as investors reallocate capital away from memecoins and troubled altcoins. With ETH demand piling across exchanges, how much will Ethereum price benefit from the ongoing industry turbulence? 

Spike in Staking Activity Could Trigger ETH Price Rebound

As altcoin prices continue to drop, holders now appear to be turning to ETH staking yield to mitigate their losses. The chart below shows that Ethereum holders have staked an additional 1 million ETH between June 1 and June 8. 

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Author: Ibrahim Ajibade

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