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Whales Seem to Believe ETH Might Stay Above $3,000 in Long Term, CryptoQuant Says, Here’s Why

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Wed, 08/18/2021 - 13:53
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Yuri Molchan
According to the data published by CryptoQuant CEO, crypto whales have staked 95,392 ETH to the Ethereum 2.0 contract as they seem to believe ETH might remain above $3,000
 Whales Seem to Believe ETH Might Stay Above $3,000 in Long Term, CryptoQuant Says, Here’s Why
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CEO of the on-chain analytics company CryptoQuant has taken to Twitter to say that data leads him to believe crypto whales seem to reckon that Ethereum may remain above $3,000 in the long term.

Thus, they have resumed sending ETH deposits to the Ethereum 2.0 contract.

Whales resume depositing ETH, hoping for price above $3,000

According to the chart published by the CEO Ki Young Ju, today a whopping 95,392 ETH was deposited to the Ethereum 2.0 contract. That is $290,923,659 in fiat.

Now, the ETH 2.0 deposit contract contains 5.84 percent of the total Ethereum supply.

The CryptoQuant chief says that whales have resumed staking their ETH. They seem to believe that the second biggest crypto will remain above the $3,000 level in the long term.

“These whales seem to think the fair price for $ETH is higher than $3k in the long term.”

Earlier, U.Today reported that as of August 18, the overall amount of value locked in the Ethereum 2.0 contract equals 6,837,922 coins (as per the data provided by Glassnode). This is an equivalent of $20,854,089,377.

Besides, number of ETH new and non-zero wallets has surged to new major highs, as well as the amount of addresses that contain 1,000 Ethers or more.

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ETH 2.0 contracts holds more Ether that Wrapped Ethereum

Santiment data aggregator has tweeted that the Ethereum 2.0 staking contract has become the largest Ethereum holder at the moment.

The tweet says that it also contains more ETH than WETH (Wrapped Ethereum).

At the time of writing, the second biggest crypto is merely holding above the $3,000 level. Earlier this month, the launch of the London hard fork on this blockchain sent ETH above $3,000 and up to the $3,000 zone as the community was encouraged by yet another step towards the complete implementation of Ethereum 2.0 upgrade.

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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.