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Ethereum on exchanges hits all-time low and ETH staking nears 7 million




The amount of Ethereum held in the exchanges cryptocurrency has plummeted to its lowest levels, while the staking at ETH 2.0 it is close to reaching a new milestone.

The analytics provider on-chain Glassnode has delved into Ethereum metrics in its weekly insights report, noting that the recent rise in Ethereum prices has been supported by a continued outflow of ETH supply from the exchanges:

“ETH balances on exchanges have now declined to a record low of 13% of circulating supply this week, equivalent to 15.3 million ETH.”

Ethereum balance on exchanges: Glassnode

Ethereum exodus to staking

When Ethereum abandons exchanges cryptocurrency exchange, it is generally seen as a bullish sign. Assets can be transferred to custody or cold wallets or, more likely, invested in DeFi or in staking.

On the contrary, when there are large entrances to the exchanges, is considered bearish as investors may be beginning to prepare for the sell-off.

Glassnode also reported that open interest (OI) in the ETH options markets has also expanded in recent weeks.

Open interest in derivatives markets hit $ 3.9 billion this week, roughly 40% below the all-time high set in Mayadded. OI refers to the total number of outstanding derivative contracts that have not been settled.

The data indicated that a large amount of Ethereum was now flowing into services from staking as provided by Lido.




“A reasonable volume of ETH is making its way into the Ethereum 2.0 staking contract, preparing for the network transfer from Proof-of-Work to Proof-of-Stake.”

Lido’s deposits have continued to rise, he added, reaching 12% of the total supply in staking during the past week or 815,000 ETH.

At current prices, Lido’s deposits are worth $ 2.44 billion, which has been good news for holders of its governance token, LDO, as it surged 30% on the day.

Milestone for ETH 2.0 staking

The amount of ETH in staking directly on the Beacon Chain deposit contract is just under 7 million according to the ETH 2.0 launchpad. This represents almost 6% of the total supply and is valued at $ 21 billion at current prices.

Beaconcha.in block explorer reports a slightly lower figure of 6.77 million ETH in staking, but it is still a record. There are 211,663 validators on the network and current returns are 5.9% per year in ETH.

Ethereum prices had just recovered $ 3,000 at press time. ETH is down 2.5% on the day, but it has risen 10% during the last fortnight and 64% during the last month.

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TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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