Everyone Wants to Get On Board. According to the team at Weiss Crypto Ratings, Ethereum deposits to the ETH2.0 surpassing the minimum amount by such a huge margin is a sign that everyone wants to be part of the upgrade and network.
Smart contract required for triggering ETH 2.0 has enough funds to begin activation of the long-awaited upgrade.
Last 25% of the ETH was deposited in just four hours. Even as we speak, #ETH is still being moved to the deposit contract. Everyone wants to get on board. Go ETH!
$395M in ETH locked in ETH2.0 Could Benefit the Price of Ethereum
775,232 ETH locked in the ETH2.0 staking contract translates to approximately $395 million using an Ethereum rate of $510. This amount of funds is approximately 0.68% of the total circulating supply of Ethereum and a testament to investor confidence in the upcoming upgrade to the network. Ethereum investors are literally putting their money where their mouth is.
Such investor confidence, coupled with a drop in Ethereum’s correlation to Bitcoin, could very much mean that alt season is once again upon the crypto-verse. Consequently, Ethereum could consolidate around the $490 support area and continue on its bullish climb into the month of December.
- Ethereum investors continue sending ETH to the ETH2.0 staking contract
- This is despite the minimum threshold of 524,288 ETH been met
- 775,232 ETH is currently locked in the contract which is 148% of the required amount
- According to Weiss Ratings, the high deposits means everyone wants to get onboard
- Continual deposits is a clear sign of investor confidence in Ethereum
The minimum threshold of Ethereum deposits required to trigger Phase 0 ETH2.0 was met earlier this week. This means that ETH2.0 is on schedule for a December 1st launch.
ETH2.0 Deposits Hit 148% of Required 524,288 ETH
However, Ethereum investors have continued to send their ETH to the ETH2.0 deposit contract despite the minimum amount of 524,288 ETH being met. According to on-chain data from CryptoQuant, the staking contract now holds 775,232 ETH. This amount is approximately 148% of the required minimum of 524,288 ETH.
Below is a chart courtesy of CryptoQuant, demonstrating continual deposits to the ET2.0 staking contract.