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Value in ETH 2.0 deposit contract peaks, fewer addresses hold large ETH amounts

value-in-eth-2-0-deposit-contract-peaks-fewer-addresses-hold-large-eth-amounts
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Follow-up
Value in ETH 2.0 deposit contract peaks, fewer addresses hold large ETH amounts

According to recent data from blockchain analytics firm Glassnode, the total value held in the ethereum 2.0 deposit contract reached an all-time high (ATH) of $40,733,472,229.12.

The ethereum 2.0 deposit contract is part of Ethereum 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+ ETH reached a five-month low of 127,247.

For context, 32 ETH is the threshold for participating in the Ethereum 2.0 network as a validator, where users can help secure the network and earn rewards. The value of 32 ETH is currently equivalent to just under $60,000.

The number of addresses holding 100+ ETH and 10k+ ETH also fell to six-month lows 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 also point to big holders showing fading interest in ethereum.

In general, 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 ETH transaction originated during the specified period, providing a glimpse into the level of activity on the Ethereum network.

The decline in the number of ETH sending addresses could signify various dynamics at play. Some ETH holders may be opting to hold rather than transfer their tokens, or it could indicate a decrease in network activity.