The Ethereum deposit contract has seen increased interest since the developers announced that the merger is likely to happen next month in September. This move to proof-of-stake will weed out miners in favor of rewards validators for ETH, and more investors want to take advantage of that. This has led to Ethereum reaching new milestones, while the most recent one has to do with the amount of ETH raised.
ETH stack cross 13.3 million
The ETH stack on the Ethereum network has reached a new milestone of 13.3 million. This number has taken a long time to prepare and has recorded exponential growth since the announcement about a month ago. The contract is now sitting at a whopping 13.308 million ETH now, rising with each passing day.
The total number of ETH tied up now represents about 11% of the total supply. This means that 11% of the available supply for Ethereum is now immobile for the foreseeable future. As expected, this had a huge impact on the price because rarity equals a higher value. Ethereum managed to cross $2000 for the first time in more than two months.
The anticipation around the merger turned into a “buy news” event. More people are moving to digital assets, given the promises made by Ethereum during this time. Add to the fact that withdrawals are not expected to come to the network until 6 months to 1 year after the merger, the low market supply will continue to pump the price.
Ethereum investors celebrate
An important by-product of the announcement of the start of the consolidation in September is the trend of cumulation that was launched. An example is the number of addresses holding at least 10,000 ETH, hitting a new one-month high of 1,186. The same trend was seen in small investors holding at least 10 coins that touched a new all-time high at 313,562 wallet addresses.
In the early hours of Monday, Wu Blockchain reported that a long-dormant Ethereum wallet had been activated. This wallet, which had a balance of 145,000 ETH, was said to be active during the network’s ICO era, receiving a total of 150,000 ETH during this time.
When the price of ETH hit $219 in 2019, the wallet owner made a single transaction of 5,000 ETH but hasn’t had any further activity since then. The wallet has since continued to transfer 145,000 ETH to multiple wallets since its reactivation.
These trends are becoming more and more common as the consolidation process approaches. Mostly, while investors are buying the news, the price of ETH is skyrocketing. However, as we have seen in the past, the price of ETH is likely to fall after the merger.
Featured image from Greek Reporter, chart from TradingView.com
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