Ethereum is accumulating power to explode? Ethereum deposited on the exchange fell to its lowest point in nearly 3 years

The amount of Ethereum held by the exchange continues to decrease and has reached the lowest position in the past three years.

As investors rush to their Yi Tai Square tokens into ETH 2.0 deposit contract, the number of tokens Stock Exchange has dropped to a low of nearly three years.

The amount of Ethereum held by the exchange continues to decrease and has reached the lowest position in the past three years. At the same time, the amount of tokens locked in the ETH 2.0 contract reached a record high, exceeding 6 million.

According to CryptoQuant data, the ETH reserves of centralized exchanges have experienced a massive decline in the past few days, especially after the market crash in mid-May, when investors were eager to deposit their tokens on the trading platform.

Coin World-Ethereum is accumulating and exploding?  Ethereum deposited on the exchange fell to its lowest point in nearly 3 years

However, with the recent sharp decline, the number of tokens has fallen to the lowest level in about two and a half years. As the popular cryptocurrency analyst Willy Woo pointed out, most of this may be related to the rapid rise of the DeFi market and ETH 2.0.

ETH 2.0 is a hot topic in the currency circle recently. It allows investors to lock up their Ethereum holdings to earn fixed income. The minimum threshold for participating in staking is 32 ETH, and validators will need to run validator nodes. The entire pledge process does not need to use professional machines, it can be completed only on ordinary computers or laptops. However, the verifier needs to remain online at all times or face a small fine. The return on ETH pledge is expected to be approximately 4%-10%. A program called “slashing” will be used to deal with verifiers who conduct malicious operations on the network by confiscating their pledged assets.

According to data from Dune Analytics, as of now, more than 6 million Ethereums have participated in staking, a record high of approximately US$14 billion.

Coin World-Ethereum is accumulating and exploding?  Ethereum deposited on the exchange fell to its lowest point in nearly 3 years

Bitcoin on the exchange has also been declining recently. Santiment data earlier today showed that the supply of trading venues has fallen to the lowest point since the beginning of January.

The source of these fluctuations may be the “big appetite” of whale users, who accumulated about 60,000 coins in just a few days in early July. In addition, institutions have also been buying because Canada’s Purpose Bitcoin ETF has increased its holdings by approximately 30% in a few weeks.

Coin World-Ethereum is accumulating and exploding?  Ethereum deposited on the exchange fell to its lowest point in nearly 3 years

Santiment described the above development as an “upward impetus, because a large amount of buying means that the risk of bitcoin selling will be greatly reduced.”

Image source: Internet

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