According to on-chain analyst Ember, US ETH spot ETFs now allow ETH staking, which may have contributed to ETH's recent rebound from $3,800 to $4,700. Grayscale's two ETH spot ETFs have seen 32,000 ETH staked in the past nine hours.

Grayscale conducted a large-scale ETH distribution 20 days ago, with each address receiving 3,200 ETH. Last night, Grayscale announced that its managed ETFs can now be staked on ETH, and subsequently pledged 32,000 ETH through 10 addresses.