Ethereum 2.0 Deposit Contract Approaches 13.3 Million ETH

Ethereum Jumps 13% as the 13 millionth ETH 2.0 Deposit Contract is reached
Ethereum has increased by almost 13% over the past seven days, making it the top-performing cryptocurrency among the top ten. One of the primary causes of the price resurgence of ETH is growing interest in Ethereum 2.0, the network update. According to the block explorer and analytics platform Etherscan, the amount of tokens held in the ETH 2.0 deposit contract is currently over 13.29 million, which is a record high. This corresponds to a stake of about $25 billion in Ethereum in the deposit contract.

“With Ethereum’s final Testnet merge on Thursday, prices briefly jumped above $1,900,” Santiment reported. The much awaited ETH upgrade is scheduled for September 15th or 16th, according to developers. Prior to the event, price volatility will be determined by social volume.

From the start, the Ethereum community has shown support for the second-largest cryptocurrency asset’s network update. In the first week following Beacon Chain’s introduction, more than one million Ethereum was deposited into the Ethereum 2.0 deposit contract. In February 2021, the number surpassed 3 million, and in July 2022, it surpassed 13 million.

The dominance of Ethereum in the cryptocurrency market is growing. In July 2022, it held almost 14% of the cryptocurrency market capitalization; today, it has over 20% of the total. “ETH Options Open Interest, at $6.6B, has overtaken BTC Open Interest, at $4.8B, for the first time in history. According to Glassnode, this seems to be the outcome of traders placing large bets on call options for the Merge, which is set for mid-September.

In the last day, there has been a significant increase in whale ETH transactions. On Friday, August 12, around 03:33 UTC, 20,000 Ethereum worth over $38 million were transferred from Huobi to Binance by a kind cryptocurrency address, according to Whale Alert.

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