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Despite recent price volatility, ETH accumulation addresses have been increasing their holdings at a significant rate.
Coinbase (COIN) is now the largest node operator on the Ethereum network, controlling 11.42% of all staked Ether (ETH), according to the company’s latest performance report.
Coinbase reported that it had staked 3.84 million ETH, valued at approximately $6.8 billion, to its validators. This makes the exchange the single largest entity securing the Ethereum network.
Anthony Sassano, host of The Daily Gwei, noted that while Lido remains the largest staking platform, its stake is distributed across multiple independent node operators, none of which individually hold as large a share as Coinbase.
Despite recent price volatility, ETH accumulation addresses have been increasing their holdings at a significant rate.
On March 12, inflows into these addresses hit a single-day record of 345,210 ETH.
In U.S. pre-market hours on Thursday, Ether’s price dipped below $2,000 once again, falling 1.7% in the last 24 hours and trading at around $1,992.
Ethereum’s trading volume surged to $17.4 billion on Wednesday as the token briefly reclaimed the $2,000 level, partly driven by optimism surrounding the upcoming Pectra upgrade.
According to Stocktwits data, ETH gained 5% following news of the upgrade, with bulls citing its potential to enhance network efficiency and drive institutional interest.
However, skepticism remains over whether Ethereum can maintain its dominance as alternative smart contract platforms gain traction.
On Stocktwits, retail sentiment around Ethereum’s token dipped further into ‘bearish’ territory.
Retail investors on the platform expressed little surprise over the token’s inability to stay above the $2,000 mark.
Ethereum also faces intensifying competition from Solana in the memecoin sector, particularly after the launch of the Official Trump (TRUMP) token, which has gained traction among retail traders despite its losses.
Proponents of Ethereum are hoping that the network’s long-awaited Pectra upgrade will benefit network adoption and help Ether regain its price momentum.
ETH is down nearly 40% over the past year, underperforming Bitcoin and other major cryptocurrencies.
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