ETH 2.0 value is rising despite losing many addresses

Ethereum (ETH) holders are on a downward movement while the total number of staked ETH in the ETH 2.0 contract constantly rising since the Shanghai/Shapella upgrade earlier this year in March.

According to data provided by Glassnode, the number of addresses that hold more than 32 coins just dropped to 127,146, marking a six-month low. The last time the number reached a six-month low was in November 2022.

Per the data, this number has been constantly decreasing since the start of May.

On the other hand, the total number of ETH locked in the ETH 2.0 contract just reached 22,045,547 tokens, marking a new all-time high (ATH).

According to a report on May 19, the number of non-zero Ethereum addresses hit an ATH of 99,355,406 while the broader crypto market was uncertain.

Data shows two million ether coins are ready to be staked on the network’s beacon chain.

Ethereum is down by 2% in the past 24 hours and trading at $1,820 at the time of writing. Its trading volume has also dropped by 11.2% and currently sits at $5.8 billion.