• Ethereum 2.0 Deposit Contract Reaches $28 Billion in ETH

  • Ethereum 2.0, Ethereum’s network upgrade, has received overwhelming support from the ETH community. According to recent data from Etherscan, one of the leading block explorer and analytics platforms for Ethereum (ETH), the deposit contract of ETH 2.0 now has approximately $28 billion in ETH staked.

    Almost 7.94 million Ethereum tokens have been staked under the ETH 2.0 deposit contract. The most recent price increase in the world’s second-largest digital asset has played a significant role in the rising valuation of the Ethereum 2.0 staking contract. ETH has seen a significant rally in the last three weeks, with the price rising from $2,700 on September 22 to over $3,650 on October 8.

    The Ethereum 2.0 staking contract reached 6.5 million coins in August 2021. In the last eight weeks, the ETH community has deposited nearly 1.5 million tokens in the ETH 2.0 staking contract. During the same time period, the total value of the deposit contract increased from $20 billion to $28 billion.

    Ethereum Exchange Supply to Demand Ratio

    The supply of the world’s second most valuable digital asset is dwindling at leading cryptocurrency exchanges. Cold wallets are used by ETH whale accounts to store their assets. As a result of the scarcity of Ethereum, its price is rising. “The top ten non-exchange whale addresses in Ethereum continue to rise, while the top ten exchange addresses continue to fall.” “The ratio between the two has shown evidence of being closely tied to price, and this rise in ratio continues to be a good sign for bulls,” crypto analytics platform Santiment tweeted.

    ETH whale activity has also increased significantly in recent days. According to Whale Alert, a large ETH address transferred 30,000 coins worth more than $105 million from cryptocurrency exchange Bithumb to an unknown wallet. The aforementioned transaction took place on October 13th, at 3:18 p.m. UTC. Etherscan was used to record the transfer.

    Ethereum currently has a market capitalization of over $410 billion.

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