May saw nearly 3 million in staked ETH, more than double the second-highest observed in February 2022.
In the first week of the unstaking event, nearly a million ETH were withdrawn by validators from the Beacon chain. However, with the start of May, the number of staked ETHMonthly ETH deposits by staking entities. Source: Twitter
The record surge in Ethereum staking in the month of May was attributed to a number of factors, the most prominent being the United States debt ceiling saga, deterring confidence in the U.S. dollar, the downfall of banks and the high APR offered on the ETH staking. According to research analyst Brian McColl,
“The US Debt ceiling saga and the earlier events with banks going bankrupt surely affected Ether’s popularity and more and more users prefer to stake their money in ETH rather than keep them in the bank.” The debt ceiling or debt limit in the U.S. is a statutory cap on the total amount of national debt that the U.S. Treasury may incur, limiting the amount of money that the federal government may borrow to pay off its existing debt.
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