For the first time in four months, Ethereum’s validators are net positive. 685,969 ETH validators are waiting to enter, compared to 407,034 in the exit queue. That’s a net positive of 278,935, pushing the blue band above the red for the first time since August. Consequently, with more ETH validators lining up to join than leave, confidence in Ethereum is clearly growing.
BitMine (BMNR) is a good example of this strategy. They have staked 79k ETH, worth $232 million, bringing their total staked ETH to 154k, valued at $451 million. This accounts for 4% of their total holdings. This move pushes BMNR to buy more ETH from staking yield, matching Ethereum’s growing validator pool and showing stakers are in it for the long term.
However, the question remains: Does this ease short-term FUD? On-chain data suggested not yet. Despite ETH’s sideways chop and validator trends, it’s still too early to call a bottom. The validator jump is a clear starting point, setting the base for ETH’s STH-to-LTH transition phase.
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