Deposit contracts on Ethereum 2.0 surpass 9.5 million tokens

The number of Ether tokens staked on the Ethereum 2.0 deposit contract has surpassed 9.5 million tokens. The deposit agreement was part of the Beacon Chain update in December 2020 when Ethereum started its journey towards Ethereum 2.0.

9.5 million ETH in Ethereum 2.0 deposit contracts

After the implementation of the Beacon Chain update, only about 600,000 Ether was staked on the deposit contract. After just a week of release, these contracts have crossed the 1 million mark and are now beyond 9.5 million coins.

The growing number of Ether deposited in deposit contracts has increased due to the greater participation of whale investors and institutions. One of the major milestones made on this contract was in November last year, when the total number of contracts reached 7 million, when Ether hit an all-time high of $4,900. These contracts had a total value of $35 billion.

However, Ethereum has dropped significantly in value due to the recession taking place in the cryptocurrency market. This resulted in a drop in the value of Ether locked up in Ethereum 2.0 deposit contracts. At the time of writing, the 9.5 million ETH locked in the contracts was worth around $24 billion.

The drop in Ethereum prices also contributed to a reduction in transaction fees on the network. Rates are the lowest in seven months. The drop is due to reduced demand for Ether transactions due to falling prices.

Behavior change in crypto whales

The current recession in the cryptocurrency market has changed the behavior among crypto whales. Bitcoin and Ethereum are stagnant, and the whales are moving away. Since the beginning of this month, major investors have reduced the number of Bitcoins they accumulate.

According to Ali Martinez, a cryptocurrency trader and analyst on Twitter said, “The number of whales on the network with 100 to 100,000 BTC has remained stable since Feb. These wealthy market participants do not seem interested in buying BTC at current price levels. and could expect to buy Bitcoin at a discount.”

See also  Best cheap cryptocurrency to buy now

Your capital is at risk.

See More information:

Similar Posts