Ethereum Dips Below $3,000 as Whales Increase Long-Term Staking
Ethereum ($ETH) has slipped below the key $3,000 level, reflecting continued caution across the broader crypto market. Despite weak spot price action, on-chain data shows a different picture among large holders.
According to Arkham, Bitmine has staked an additional 250,912 ETH (around $745 million) in the past 18 hours. In total, Bitmine has now staked over 2.58 million ETH, worth approximately $7.6 billion, representing about 61% of its total ETH holdings.
This aggressive staking suggests that major players are prioritizing long-term yield and network participation rather than short-term price moves. Large-scale staking removes ETH from active circulation, tightening liquid supply even as prices remain under pressure.
Meanwhile, Ethereum continues to trade below key moving averages, with resistance around the $3,200–$3,300 zone and fragile support near $2,800–$2,900. Exchange balances are also trending lower, signaling reduced immediate sell pressure.
As ETH consolidates below $3,000, the market is watching whether sustained staking demand and shrinking liquid supply can help stabilize price once broader risk sentiment improves.
This is not financial advice. For educational purposes only.#WhoIsNextFedChair #MarketCorrection #PreciousMetalsTurbulence #Write2Earn $ETH
