• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting
Monday, May 29, 2023
United for Profit
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Analysis
No Result
View All Result
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Analysis
No Result
View All Result
United for Profit
No Result
View All Result
Home Cryptocurrency

Total Ethereum (ETH) Locked Hits New Highs On Increase In Deposits Over Withdrawals

by
April 25, 2023
in Cryptocurrency
0
Total Ethereum (ETH) Locked Hits New Highs On Increase In Deposits Over Withdrawals
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Ethereum (ETH) has seen a surge in price throughout April, and this increase has corresponded with a significant milestone for Ethereum’s Layer 2 networks: the total value locked (TVL) has surpassed $10 billion as of April 14, according to L2Beat, an analytics and research website about Ethereum layer 2 scaling.  

This marks a new record high for the amount of ETH locked on the Ethereum network since the Shapella upgrade. With the TVL of Ethereum’s Layer 2 networks hitting an all-time high, many are speculating about the potential for further growth and adoption of these companion networks. 

After the Shapella Upgrade was put in place, the price of Ethereum [ETH] became more volatile. Still, the Ethereum network has gotten a lot of attention, as shown by the fact that most deposits have been made on its beacon chain. There have been more deposits compared to withdrawals on the networrk.

As more and more users turn to Layer 2 solutions to address the high fees and congestion on the main Ethereum network, it remains to be seen how this trend will continue to evolve in the coming months.

Nansen’s records show that since the Shapella upgrade, the amount of ETH locked on the Ethereum network has reached a new all-time high. As of April 24, the total amount of ETH locked was 18,879,775 ETH.

Ethereum Layer 2 Networks See Record TVL

TVL is a metric used in the cryptocurrency world to measure the amount of digital assets locked in various protocols or applications. It is often used as an indicator of the level of activity and demand within a specific DeFi (decentralized finance) ecosystem.

The TVL of Ethereum’s Layer 2 networks, which are complementary networks to Ethereum, also increased along with the rising value of ETH in April, peaking at a record high of $10 billion on mid-April. 

Despite a decline in crypto prices, the TVL has since remained at around $9.22 billion, more than double its value at the start of the year, according to L2Beat, a layer 2 analytics site. 

However, it is worth noting that there is currently approximately 4.7% of the total ETH on the Beacon chain waiting for full exit, which includes rewards amounting to 894,671 ETH. Furthermore, 27,809 validators are currently waiting for a full exit.

Whale Interest In ETH Down As Short-Term Holders Exit Positions

Meanwhile, Glassnode’s recent data has revealed a decrease in whale interest in ETH, with the total number of addresses holding more than 10 ETH reaching a four-month low of 349,078. 

This can be attributed to the increasing long/short difference, which suggests that many short-term holders have sold their holdings and exited their positions. 

#Ethereum $ETH Number of Addresses Holding 10+ Coins just reached a 4-month low of 349,078

Previous 4-month low of 349,082 was observed on 23 April 2023

View metric:https://t.co/6ggy1nLbSD pic.twitter.com/BsKhJDysPR

— glassnode alerts (@glassnodealerts) April 24, 2023

As a result, the future of ETH’s prices will depend heavily on the behavior of long-term holders. 

Despite this decline, the current Ethereum price on CoinMarketCap is $1,829.37, showing a 1.48% decrease in the past 24 hours.

Only time will tell if long-term holders will continue to support ETH or if the decline in whale interest will have a lasting impact on its value.

-Featured image from CoinChapter

Previous Post

Next Post

Bitcoin Wyckoff And Elliott Wave Predict This Next Price Move

Next Post
Bitcoin Wyckoff And Elliott Wave Predict This Next Price Move

Bitcoin Wyckoff And Elliott Wave Predict This Next Price Move

Exchange Rate

Exchange Rate USD: Mon, 29 May.

Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By
Cryptocurrency

Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By

by
May 29, 2023
0

If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin...

Read more
Get Rich Or Get Rugged? RUGME’s Unique Liquidity Mechanism Sparks Controversy

Get Rich Or Get Rugged? RUGME’s Unique Liquidity Mechanism Sparks Controversy

May 29, 2023
Bullish Run for Injective (INJ): Will the Momentum Continue?

Bullish Run for Injective (INJ): Will the Momentum Continue?

May 29, 2023
No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

May 29, 2023
Best Dollar Rate Due to Sterling’s Support on 1.2360

Best Dollar Rate Due to Sterling’s Support on 1.2360

May 29, 2023
Yen Conversion to Improve as BoJ Evaluates Policy Shift

Yen Conversion to Improve as BoJ Evaluates Policy Shift

May 29, 2023
AI CROW ICO (ACRW): Let’s Start Communicating With AI

AI CROW ICO (ACRW): Let’s Start Communicating With AI

May 29, 2023
Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store?

May 29, 2023
Stock Market Predictions: European Markets Live Updates

Stock Market Predictions: European Markets Live Updates

May 29, 2023
Stock Market Predictions 2023: Analyzing Opportunities

Stock Market Predictions 2023: Analyzing Opportunities

May 29, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting

Copyright © 2022 UnitedForProfit. All Rights Reserved.

Disclaimer: UnitedForProfit.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Privacy Policy & Important Disclaimer
  • Terms & Conditions
  • Thank You

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.