ETH 2.0 deposit contract sees peak value as addresses with large amounts of ETH decrease

ETH 2.0 deposit contract sees peak value as addresses with large amounts of ETH decrease


The total value held in the ethereum 2.0 deposit contract reaches an all-time high while the number of addresses holding larger amounts of ethereum shows a downturn, potentially indicating a bearish sign for the network’s decentralization.

Reports by recent data from blockchain tech analytics company Glassnode, the total value held in the ethereum 2.0 deposit contract reached an record-breaking peak (ATH) of $40,733,472,229.12.

The ethereum 2.0 deposit contract is part of Ethereum (ETH) network’s transition to proof-of-stake (POS) aimed at improving the efficiency, scalability, and security of the system.

Concurrently, the number of addresses holding larger amounts of ethereum has shown a downturn. As of the latest reports, the number of addresses holding 32+ Ethereum (ETH) reached a five- 30 days low of 127,247.

For context, 32 Ethereum (ETH) is the threshold for taking part  in the Ethereum (ETH) 2.0 network as a validator, where users can help secure the network and earn bonus. The value of 32 Ethereum (ETH) is as of now equivalent to just under $60,000.

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The number of addresses holding 100+ Ethereum (ETH) and 10k+ Ethereum (ETH) likewise dropped to six- 30 days bottom Line of 46,647 and 1,156, respectively.

These numbers provide insights into the distribution of wealth on the ethereum network and can be interpreted as a measure of the network’s decentralization — but could likewise point to big holders showing fading interest in ethereum.

More generally, a decrease in holders — especially large holders — is seen as a bearish sign.

Simultaneously, the number of ethereum sending addresses, measured by a seven-day moving average, plummeted to a two-year low of 18,095.

This metric denotes the total number of unique addresses from which an Ethereum (ETH) transaction originated during the specified period, supplying a glimpse into the level of activity on the Ethereum (ETH) network.

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The decline in the number of Ethereum (ETH) sending addresses could signify numerous dynamics at play. Several Ethereum (ETH) holders could be opting to hold rather than transfer their crypto tokens, or it  can potentially indicate a decrease in network activity.

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