The amount of Ethereum locked by validators in the ETH 2.0 deposit contract has reached an all-time high with almost $14 billion in ETH. The number of new daily validators has also increased to 1,097
London hard fork approaching
A Twitter account that tracks ETH validators, @ eth2validators, stated that the all-time high was reached by validators who locked their Ether in the Ethereum 2.0 deposit contract launched in December 2020. Now, the total number of locked ETH has reached over five million ETH. Each of the validators has to deposit at least 32 ETH, which is equivalent to $87,907.84 considering Ethereum’s value of $2,754 today. Today, the total number of active validators has reached 148,761.
A chart provided by the Glassnode analysis team shows investors are collectively withdrawing their ETH from crypto exchanges. It was previously reported that an anonymous whale withdrew 527,459 ETH ($ 1.5 billion) from the Binance exchange in just ten minutes.
Later, however, CryptoQuant announced that this is an internal Binance transaction as the platform moves ETH to their new cold wallet. Meanwhile, more users are entering the ecosystem as the number of non-zero ETH addresses reaches an all-time high of 59,723,647.
Meltem Demirors, Chief Strategy Officer of CoinShares, believes that funds are now moving from Bitcoin to Ethereum as the ETH London hard fork (EIP-1559) approaches.
The event is scheduled for July. This hard fork will not solve the current bottleneck and excessively high fees in the Ethereum chain, but it is expected to double the platform’s maximum capacity.