Ethereum was one of the biggest winners in the rally that rocked the cryptocurrency market last week. The network saw a boost when an Ethereum developer announced that the upcoming merger was likely to happen sometime in September. It has created a ripple effect that has extended to other digital assets in the space. But it appears that Ethereum investors are nowhere near an achievement, given the on-chain metrics from last week.
escalating exchange flows
In the past week, large and small Ethereum investors alike have increased in terms of accumulation. This sparkles in between the ETH that has been registered, leaving the central exchanges against the number that was going to them. The contrast between the two is stark and shows exactly how investors feel when it comes to investing in ETH.
Related reading | Matic is rising again, is it targeting the psychological $1 level?
Last week’s numbers showed that $3.3 billion in total ETH has flowed into central exchanges. However, the volume of the ETH flow was almost 100% higher. Data from Glassine shows that $6.5 billion flowed in, resulting in a net outflow of $3.1 billion.
This shows that investors are accumulating by transferring their ETH from exchanges and presumably to personal wallets for safekeeping. It also indicates a sense of long-term retention among these investors. In addition, it means that the selling pressure that weighed on the market over the past two weeks has begun to subside. It is now replaced by high buying pressure, which is causing investors to accumulate as much ETH as possible.
ETH price falls to $1,500 | Source: ETHUSD on TradingView.com
Ethereum integration is getting close to it
The majority of the gains Ethereum has recorded over the past week are attributed to updates made about the upcoming merger. Ethereum gained over 40% on the back of this announcement alone, but the price wasn’t the only thing affected by the announcement.
Related reading | Bitcoin drops to 7-day low, Ethereum and XRP are also down
The ETH . bet The Ethereum network before the merger was on the rise for the past two months but saw a jump after the announcement. At the time of this writing, the number of ETH stacked on the network has reached a new all-time high of 13,152,149 ETH, and this number is expected to grow as history approaches.
This means that more than $20 billion of ETH is now held in the ETH 2.0 depository. Now, this is not the highest point it has been in dollar terms, but it is nonetheless significant given that the price of ETH is down more than 70% from ATH.
Featured image from Financial Times, chart from TradingView.com
Follow Best Owie on Twitter For market insights, updates, and sometimes funny tweets…