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Ethereum (ETH) has fallen 2.96% in intraday trading to $ 2,440 in the past 24 hours, according to CoinMarketCap. The second largest cryptocurrency by market capitalization lost significant value after falling from an all-time high (ATH) of $ 4,350 to lows of $ 2,000.
However, the Ethereum whales are taking advantage of this situation to amass more coins, as Santiment admits. The chain metrics provider stated:
“The top 10 listed Wal-Wallets for Ethereum continue to rise in relation to the ETH held. Taken together, the 19.67 million coins held by these addresses are the combined ETH, which has been in the top 10 non-swap addresses since July 2016. “
Therefore, whales were on a record mission without an ETH exchange, as the amount of Ethereum held is one ATH.
Recently, Documenting Ethereum reiterated these feelings. The crypto data provider noted that ETH whale addresses were still hovering around an all-time high despite the decline in May.
The total blocked value in ETH 2.0 reached a 7-month low
According to cryptanalysis company Glassnode:
“The total value of the ETH 2.0 deposit contract has just hit a 7-month low of 224 ETH.”
This shows that the investments in Ethereum 2.0, which was launched in December 2020, have been exhausted.
ETH 2.0 aims to transfer the current consensus mechanism for Proof of Work (POW) to a Proof of Stake (POS) platform. POS is considered to be pioneering because it is environmentally friendly and can cope with the challenges of high gas prices.
Meanwhile, the amount of Ethereum deposits on crypto exchanges recently hit a 5-month low of 548,940.
Hence, this could indicate that Ethereum stored in cold stores or wallets is not being moved for storage purposes, which is a bullish sign.
On the other hand, 23% of the ETH offering is linked to smart contracts. Some functions of the Ethereum network, such as Such as smart contracts, are widely used in the decentralized finance (DeFi) and non-fungible tokens (NFT) sectors.
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