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ETH Locked in Ethereum 2.0 Contract Hits 6.7 Million ETH Peak, Here’s What It Means

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Mon, 08/16/2021 - 13:12
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Yuri Molchan
Amount of TVL deposited to the Ethereum 2.0 contract has hit a new all-time high, while users keep withdrawing their Ethers from crypto exchanges
 ETH Locked in Ethereum 2.0 Contract Hits 6.7 Million ETH Peak, Here’s What It Means
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According to data provided by the Glassnode analytics company, validators keep depositing their Ethers into the Ethereum 2.0 contract.

This time, the total amount of ETH locked there has come close to seven million and has reached a new all-time high.

Besides, ETH balances on centralized crypto exchanges keep declining, and the number ETH non-zero addresses has reached a new historic peak.

Glassnode metrics show several Ethereum-related ATHs

As per a chart shared by the Glassnode team, the total value of ETH locked in the Ethereum 2.0 deposit contract has totaled 6,727,938 ETH, or $22,051,355,030.

Validators keep moving Ethereum to the ETH 2.0 contract and almost nine percent of the total Ethereum supply has now been deposited there.

ETH balances on exchanges keep dropping

Glassnode has also shared that Ethereum balances on digital exchanges are in decline as users are much less active in sending their ETH to those platforms.

According to a chart from the analytics service, ETH exchange deposits have hit a seven-month low, totaling 701.595. A previous drop to the lowest level in seven months was seen back on Aug. 6.

Besides, new users continue to join the Ethereum ecosystem and set up wallets as the number of non-zero ETH addresses has reached a one-month high of 59,753,415.

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Ethereum is inching closer to $3,300

After breaching the $3,000 level last Saturday, the second-largest cryptocurrency remains above this price mark and is striving to break above $3,300 once again as it had done on Aug. 14 and 16 but then rolled back.

At press time, Ethereum is going at $3,283, according to data provided by CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.