The long-awaited Ethereum 2.0 network upgrade is said to have over 5.6 million Ether locked in its deposit contract, a record high. According to recent data from Etherscan, the total value of Ether locked in the Ethereum 2.0 staking contract now stands at $13.5 billion.
The ETH 2.0 narrative came into existence in early December 2020 through the launch of Beacon Chain. Just four days after its initial announcement, close to 1 million Ether had gotten staked. Ethereum network has begun the migration process from its current proof-of-work consensus mechanism to the much more efficient proof-of-stake method.
That said, the overall value of the ETH staked in Ethereum 2.0 has suffered a significant decline over the past two weeks primarily due to the crypto market crash, and by extension, the ETH crash.
Ethereum reached an all-time high of $4,300 on May 12 but has dropped by over 45% since then. At press time, ETH trades around the $2,450 level and has a market cap of $282 billion with a market dominance of 17.4%.
Ethereum Supply Runs Thin, Indicating Impending Bullishness
Whales play a significant role in the network activity of Ethereum. According to a recent publication by Santiment, a crypto analytics firm, the top 10 non-exchange ETH wallets hold over 19 million coins.
Santiment tweeted that:
“The top 10 Ethereum non-exchange whale wallets are continuing to climb in terms of ETH held. Combined, the 19.67 million coins held by these addresses are the most combined ETH owned by the top 10 non-exchange addresses since July 2016.”
Recent reports showed that the supply of Ether on leading cryptocurrency exchanges had dropped significantly. This metric serves as a bullish indicator for the underlying cryptocurrency.
According to Glassnode, digital exchanges now hold less than 13 million ETH, a two-year low. Interestingly, ETH Smart Contracts now contain more than 23% of the total ETH supply.
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