Ethereum (ETH) was down by 2.96% in the last 24 hours at $2,440 during intraday trading, according to CoinMarketCap. The second-largest cryptocurrency by market capitalisation shed off a considerable amount of value after plummeting to lows of $2,000 from an all-time high (ATH) of $4,350.
Nevertheless, Ethereum whales are taking advantage of this situation to accumulate more coins, as acknowledged by Santiment. The on-chain metrics provider explained:
“The top 10 Ethereum non-exchange whale wallets are continuing to climb in terms of ETH held. Combined, the 19.67m coins held by these addresses are the most combined ETH owned by the top 10 non-exchange addresses since July, 2016.”
Therefore, ETH non-exchange whales have been on a record-breaking mission as the amount of Ethereum held is at an ATH.
These sentiments were recently echoed by Documenting Ethereum. The crypto data provider noted that ETH whale addresses were still hovering around an all-time high despite the drop-off witnessed in May.
Total value locked in ETH 2.0 hit a 7-month low
According to crypto analytic firm Glassnode:
“Total value in the ETH 2.0 deposit contract just reached a 7-month low of 224 ETH.”
It, therefore, shows investments in Ethereum 2.0, which was launched in December 2020, have dried up.
ETH 2.0 seeks to transit the present proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) platform. POS is seen as a game-changer because it is environmentally friendly and can tackle the high gas fees challenges.
Meanwhile, the number of Ethereum deposits on crypto exchanges recently hit a 5-month low of 548.940.
It could, therefore, suggest that Ethereum stored in cold storage or wallets is not being moved for holding purposes, which is a bullish signal.
On the other hand, 23% of the ETH supply is locked in smart contracts. Some features on the Ethereum network, like smart contracts, are widely used in the decentralised finance (DeFi) and non-fungible token (NFT) sectors.
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