Traders Are Betting On ETH Staking Following Ethereum 2.0 Upgrade

Ethereum has been making a lot of headlines these days due to the price predicitons, which remain optimistic but also due to the important achievements that the project has been making.

Check out the latest reports about ETH below.

As CoinDesk notes, after enduring weeks of macroeconomic-driven nervousness, crypto traders are focusing on progress within the crypto ecosystem.

They are particularly keeping an eye on smart contract blockchain Ethereum’s impending proof-of-stake merge and the bullish implications for its native token ETH.

“I am very bullish on ether for the summer as ether staking would offer returns better than real or inflation-adjusted yields in traditional markets after the merge.”

This is what Alex Kruger, a trader, and analyst, told CoinDesk in a Telegram chat.

Just in case you don’t know, last week, Ethereum developers successfully tested the long-awaited merge of the programmable blockchain’s proof-of-work and proof-of-stake chains, dubbed Eth 2.0.

This will allow users to hold coins in a cryptocurrency wallet to support network operations in return for newly minted coins. Staking is analogous to passive investing.

“Through the merge with the proof-of-stake chain, fees previously earned by miners will pass on to being earned by those staking. This is expected to result in staking rewards between 7% and 12%,” IntoTheBlock said in its weekly newsletter published on Friday.

Regarding the price of ETH today, at the moment of writing this article, ETH is trading in the green and the coin is priced at $2,899.

A few days ago, we revealed that Blockchain analytics firm IntoTheBlock explained that the recent mass migration of Ethereum (ETH) away from crypto exchanges suggests a rally for the leading smart contract platform might be on the horizon.

On Twitter, analysts at IntoTheBlock pointed out the fact that a massive withdrawal of over 180,000 Ethereum tokens worth $531 million from crypto exchanges in 24 hours is ETH’s largest outflow so far this year.