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Ethereum (ETH) — Onchain News & Whale Tracking

Real-time Ethereum whale movements, exchange flows and onchain findings tracked by Lookonchain. 3267 updates and counting.

2026.07.31 22:52

Viewpoint: The 43-day waiting period for Ethereum staking is not a definitive bullish signal; an empty exit queue better reflects market confidence.

Thomas Brunner, Head of Custody and Staking at Sygnum Bank, stated that Ethereum’s validator entry queue has grown to around 2.5 million ETH, with new stakers facing an approximate 43-day wait for activation. However, this metric cannot be simply viewed as a bullish signal, as the backlog reflects both institutional demand and protocol mechanics. Brunner noted that the Dencun upgrade cut the daily validator entry quota to roughly 57,600 ETH, while the Pectra upgrade did not raise this cap. Meanwhile, Pectra allows individual validators to hold up to 2048 ETH with automatic compounding. Large operators are adding stakes to existing validators, and even a 1 ETH top-up requires joining the same queue as new stakers. Thus, the current backlog stems in part from reconfigurations and compounding of existing stakes, not entirely from new ETH demand. In contrast, the nearly empty exit queue offers a clearer signal. Brunner said: “Almost no one is unstaking, which reflects genuine confidence; the entry queue measures both demand and infrastructure mechanics.” Currently, around 41.2 million ETH is staked, accounting for 33.8% of the circulating supply. He added that institutions have not halted participation amid ETH price weakness, with many now regarding staking yields as a native attribute of ETH. However, validator addresses, deposit addresses, and withdrawal credentials are all traceable, and privacy remains a major barrier for institutions looking to expand their staking scale.

2026.07.17 11:22

$1.2 billion worth of Bitcoin (BTC) options are set to expire, while Ethereum (ETH) put positions have remained at high levels for a consecutive month.

Crypto analytics platform Greeks.live reported that on July 17, 19,000 BTC options expired, with a Put-Call Ratio (PCR) of 0.9, a max pain point of $63,000, and a nominal value of around $1.2 billion. Meanwhile, 123,000 ETH options expired, with a PCR of 1.61, a max pain point of $1,800, and a nominal value of roughly $230 million. In terms of market performance, BTC has continued to fluctuate above $60,000 this week, having traded in the $60,000 to $65,000 range for over a month. Sharp swings in U.S. equities (SpaceX and storage sectors) have not yet had a noticeable impact on the crypto market. Looking at options positions, around 5% of options expired this week, leading to a slight drop in overall open interest, mainly due to low market volatility and reduced trading opportunities. BTC’s Gamma Exposure (GEX) is mainly concentrated around $64,000 and $70,000. ETH’s GEX is primarily in the $1,825 to $2,000 range, with a relatively dispersed distribution. Some traders have started positioning for a rebound via slightly out-of-the-money options. The proportion of large bullish trades has continued to rise recently, dominated by short-term bull spread buying strategies. Notably, ETH’s Put-Call Ratio has stayed above 1 for a consecutive month, hitting 1.61 this week. The high proportion of put options outstanding reflects clear market divergence on ETH’s future outlook, with intensified bull-bear rivalry.

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