Decentral Block Post

Ethereum investors who staked millions of dollars worth of Ether (ETH) tokens to become validators on its soon-to-launch proof-of-stake (PoS) network are now facing heavy paper losses.

Ether spot traders outperform stakers by 36.5%

In detail, investors have locked a little over 13 million ETH into the so-called Ethereum 2.0 smart contract since it went live in December 2020. However, there is no date when these investors can redeem their tokens alongside the 10% yield.

Interestingly, around 62% of Ether tokens were deposited before the price peaked at around $4,930 in November 2021. Meanwhile, the other 38% were deposited after the record high, according to Glassnode's latest report.

As a result, the total value locked inside the Ethereum 2.0 smart contract peaked at $39.7 billion in November 2021, led by 263,918 network validators. But now, the value has dropped to $14.85 billion as of July 7, despite an additional inflow of 5 million ETH in the last eight months.

Ethereum 2.0 stakers deposited ETH to the network's PoS contract at an average price of $2,390. So, ETH stakers are now holding an average loss of 55% as a result of ETH's 75% crash since November 2021, Glassnode noted.

Bitcoin (BTC) is due to give a definitive signal that a macro bottom is in this month, one analyst has concluded.

In a Twitter thread on July 6, popular commentator Wolf eyed key moving average data as proof that BTC price action will not be going lower.

Key chart crossover eyed as end to bear market losses

Amid repeated calls for BTC/USD to revisit levels not seen since Q4 2020, one simple historical trend is now saying that the pair has already seen its latest macro lows.

Analyzing the 3-day chart, Wolf argued that the 100-day moving average (MA) crossing the 200MA will act as a price floor signal — just like in previous bear markets.

“Negative 3d MA100 will cross positive 3d MA200 by half July, that would confirm that bottom is in,” he wrote.

Elon Musk’s tunnel construction firm The Boring Company (TBC) has begun allowing customers to pay for rides on its Las Vegas transit system using Dogecoin.

A July 6 report from CNBC said the new payment option via Bitpaysurfaced on Friday, a day after the opening of its new Loop station at the Las Vegas Convention Center.

While the Boring Company has not officially confirmed the new payment method, founder Elon Musk seemingly did when he responded to a tweet about the news, saying: “Supporting Doge wherever possible.”

On the same day, DogeDesigner, a graphic designer for Dogecoin Foundation, shared a video with his 13,600 Twitter followers with him navigating through the Vegas Loop booking page and making a purchase of a day-pass using 37.52 DOGE via BitPay.

The new Loop station is located underneath an integrated resort called Resorts World Las Vegas, and is the fourth stop on the 1.7-mile Las Vegas Convention Center Loop.