Whale stakes $61.48M in Ethereum

• An anonymous whale deposited 32,400 Ether worth about $61.48 million into Ethereum’s staking contract.
• The deposit locks the funds to help secure the Ethereum network and earn staking rewards.
• The move reduces the amount of ETH available for immediate sale, according to the report.

An anonymous whale deposited 32,400 Ether worth about $61.48 million into Ethereum’s staking contract.

The deposit was sent to Ethereum’s official beacon chain contract, which handles staking deposits.

BitcoinWorld said the transaction was flagged by blockchain tracking service Whale Alert, but it did not provide a confirmed transaction date.

The funds are locked through Ethereum’s staking system, where participants help secure the network and earn ETH rewards.

The report said large staking deposits can reduce the amount of ETH available for immediate trading.

It also said the deposit does not guarantee higher Ethereum prices, as market conditions can change.

Ethereum (CRYPTO:ETH) staking has become a key part of the network since its move to proof-of-stake, with more ETH now held in staking contracts.

At the time of reporting, Ethereum price was $1,890.60.