Quick take:
- 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.
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.