• The number of Ethereum’s long-term stakers have fallen by 31% over the last 10 weeks and the realized value of ETH 2.o stakers has dropped. In spite of this, retail investors and whales are still showing interest in Ethereum.
• Traders‘ sentiment against Ethereum is becoming more bearish as evidenced by rising Open Interest on BitMEX and increasing short positions against Ethereum.
• Despite this bearish sentiment, new addresses have not shared the same enthusiasm for ETH as whales, which is indicated by the declining network growth.

Decline in Long-Term Stakers

According to Santiment, holdings of Ethereum’s long-term stakers have fallen by 31% over the last 10 weeks. In fact, the data suggests that most of the assets of these stakers are currently undervalued. Read Ethereum’s Price Prediction 2023-2024 This can be underlined by the declining realized value of ETH 2.o stakers. Despite having low returns, stakers have continued to show interest in ETH. Source: Santiment

Increase in Staker & Retail Interest

Data from Staking Rewards indicated that the number of stakers on the Ethereum network have continued to rise. Over the past month, the number of stakers on the network increased by 6.14%. At press time, there were 544,248 addresses staking ETH. Not only stakers, but retail investors also demonstrated their interest in Ethereum. According to Glassnode’s data, the number of addresses holding more than 0.01 coins rose materially over the past few months 📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins just reached a 7-month high of 23,190,382 View metric:https://t.co/XXb0u19Wkf pic.twitter.com/L666tWOSCq — glassnode alerts (@glassnodealerts) March 7, 2023

Bearish Sentiment from Traders

However, traders‘ sentiment against Ethereum has started to turn bearish. According to Coinglass, for instance,