Ethereum: Yet another ETH 2.0 deposit contract HIGH ft. holders’ anti-selling narrative

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The cryp­tocur­ren­cy mar­ket, espe­cial­ly Ethereum, con­tin­ues to see red sig­nals through­out the ecosys­tem. How­ev­er, despite such cau­tion­ary signs, stak­ers & hold­ers con­tin­ue to build their Ethereum (Merge) castle.

Falling, but not dead

The cryp­to-indus­try shed 6.8% of its val­ue with­in the last 24 hours, with over $300 mil­lion posi­tions liq­ui­dat­ed in the blood­bath. Ethereum, the market’s largest alt­coin, might have suf­fered the most here.

In fact, at press time, ETH’s val­ue had fall­en by 11.7% to trade below $1,500 for the first time in weeks.

Nonethe­less, ETH traders did not deter away from their posi­tion to HODL the token. Sim­ply put, long-term hold­ers bought into Ethereum, despite the sec­ond-ranked cryp­to asset’s price strug­gles. These hold­ers con­tin­ue to see sig­nif­i­cant prof­it mar­gins as well.

For instance, the num­ber of address­es hold­ing 10+ ETH hit an all-time high, as high­light­ed by Glassnode, an ana­lyt­i­cal firm.

Source: Glassnode

IntoThe­Block fur­ther revealed that 56% of all Ethereum investors are cur­rent­ly in prof­it. This is a sig­nif­i­cant dif­fer­ence from the num­bers record­ed in July.

At cur­rent prices, only 44% of investors are record­ing loss­es, while 4% are in neu­tral ter­ri­to­ry, mean­ing they have bought their tokens around the cur­rent price.

This is one of the rea­sons why ETH’s num­ber of trans­fers (to exchanges) hit a 1‑month low of 21,066.399. Low val­ues of the indi­ca­tor could sug­gest hold­ers haven’t been send­ing in many coins to exchanges at the moment. Depend­ing on whether they are also with­draw­ing or not, this trend could be either bull­ish or neu­tral for the val­ue of ETH on the charts.

Source: Glassnode

Worth not­ing, how­ev­er, that cau­tion needs to be main­tained before open­ing a long posi­tion for ETH.

What colour is the grass here?

Well, all GREEN, espe­cial­ly for stak­ers. Con­sid­er­ing the pat­tern of accounts hold­ing 32+ ETH, it’s clear that the com­mu­ni­ty is hun­gry to get started.

As per Glassnode, num­ber of address­es hold­ing 32+ Coins just reached an 18-month high of 119,563. In fact, the graph attached below seemed to under­line the same too.

Source: Glassnode

Fur­ther­more, in antic­i­pa­tion of Ethereum’s upgrade to proof of stake, over 13% of ETH’s sup­ply has been sent into the Ethereum 2.0 deposit con­tract. As per the lat­est insights, the Total Val­ue in the ETH 2.0 Deposit Con­tract reached an ATH of 13,388,454 ETH.

The deposit con­tract on the Bea­con Chain, launched in Novem­ber 2020, allows ETH hold­ers to lock their assets ahead of the switch. That’s indeed the case here with the world’s largest altcoin.



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