Total Ethereum (ETH) Locked Hits New Highs On Increase In Deposits Over Withdrawals
April 25 2023 - 4:30AM
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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. Source: Nansen 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.
Related Reading: Floki Inu Joins Binance.US And Surges By 50% As
Investors Pile In 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.
Source: L2Beat 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. Ethereum (ETH) total market cap currently at $218 billion on
the daily chart at TradingView.com Related Reading: Shiba Inu Might
Surge By 300% If It Maintains This Support Level 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
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