Amid price volatility, the overall number of large Ethereum addresses has increased in the past few days. According to Glassnode’s recent data, 1,199 ETH addresses now hold at least 10k coins, which is the highest level in four months.
The “number of Ethereum addresses holding 10k+ coins just reached a 4-month high of 1,199. The previous 4-month high of 1,197 was observed on 12 September 2022,” Glassnode noted in a recent Tweet.
With the expected Ethereum Merge this week, the world’s second-largest digital currency witnessed immense volatility. ETH’s price has moved by nearly 20% within the last seven days. Currently, ETH is trading near $1,600, which is down by over 10% from the recent high of $1,780 on 11 September.
Glassnode noted that the mean transaction volume (7-day moving average) related to Ethereum reached 4.373 ETH on 14 September 2022, which is the highest level in over four weeks. Additionally, the overall dormant ETH supply has plunged in the last few weeks. The Ethereum supply that was last active almost five years ago touched 15.841 million today, which is the lowest level in over nine months.
Ethereum 2.0
The network upgrade of ETH is one of the biggest events in the crypto ecosystem. Data from Etherscan shows that more than 13.7 million coins have been staked under the deposit contract of ETH 2.0.
“Ethereum’s upcoming move to Proof of Stake is a big event, not just for blockchain nerds but for the environment and 'gas prices'. It will significantly impact financial markets. DeFi first, and then traditional interest rate markets. It’s worth noting that there are already PoS and dPoS blockchains, but Ethereum’s market cap is much greater than all those combined. Ethereum is around 5x larger than the number 2 (BNB chain), which itself is 5x larger than the number 3. Ethereum2.0 will offer a yield that does not change significantly over time, persists over the long term, and remains high even with significant amounts of capital deployed into it,” Manuel Rensink, the Director of Innovation and Strategy at Securrency, commented.
