Ethereum was one of the biggest winners of the rally that shook the cryptocurrency market last week. The network perked up when one of the Ethereum developers announced that the upcoming merger would likely happen sometime in September. This caused a ripple effect that spread to other digital assets in space. But it looks like Ethereum investors are far from over given the network’s performance over the last week.
The stock market is growing
Over the past week, both large and small Ethereum investors have been building up their savings. This shows up in the number of registered ETHs, leaving centralized exchanges in comparison to the amount they included. The difference between the two is huge and shows exactly how investors feel when it comes to investing in ETH.
| MATIC is rising again, will it target the $1 psychological level?
The figures for the last week showed that A total of $3.3 billion in ETH went to centralized exchanges.. However, the volume of ETH outflow was about 100% higher. Glassine data shows outflows of $6.5 billion, resulting in a net inflow of -$3.1 billion.
This shows that investors are accumulating funds by transferring their ETH from exchanges to personal wallets for safekeeping. It also indicates long-term sentiment among these investors. It also means that the selling pressure that has weighed on the market over the past few weeks has begun to ease. In its place, there is now high buying pressure for investors to accumulate as much ETH as possible.
ETH price falls to $1,500 | Source: ETHUSD on TradingView.com
Ethereum Merger Approaching
Most of the gains recorded by Ethereum over the past week have been due to updates made about the upcoming merger. With this announcement alone, Ethereum gained over 40%, but this announcement affected more than just the price.
| Bitcoin drops to 7-day low, Ethereum and XRP also fall
ETH rate the pre-merger Ethereum network saw growth over the past couple of months, but has seen a resurgence since the announcement. As of this writing, the amount of ETH staking on the network has reached a new all-time high of 13,152,149 ETH and this number is expected to rise as the date approaches.
This means that the ETH 2.0 deposit contract now holds over $20 billion in ETH. This is not the highest point in dollar terms, but it is important nonetheless given that the price of ETH has dropped over 70% compared to ATH.
Featured image from Financial Times, chart from TradingView.com
To follow Best Oui on Twitter for market insights, updates and random funny tweets…
Credit : www.newsbtc.com