The Ethereum community has been preparing adequately ahead of the launch of ETH 2.0. there is a record number of wallets that now hold over 32 ETH. Interestingly, Ethereum has hit many records amid the latest news that ETH 2.0 may launch as early as December 1, according to Glassnode crypto analytics firm.
Launching the deposit contract on November 5 has introduced the ability for all users who wish to participate in staking deposit the required 32 Ether. Reports have come up that ETH 2.0’s beacon chain genesis will happen on December 1 if over 16,384 deposits of 32 ETH each are received. That amount will reach a cumulative total of at least 524,288 ETH, or around $200 million worth.
Several hours after the news was unveiled, the total number of Ethereum addresses holding 32 ETH or more hit an all-time high (ATH) of 126,852. Before the latest surge, that figure had hovered around 123k since June 2020, with slight fluctuations in the hundreds of addresses.
It means that almost 13% of all the addresses currently holding over 32 Ether will have to participate to launch staking. If that amount is not met, this launch will be suspended until seven days after the threshold is achieved.
The total number of addresses holding 0.1, 10, or 100 Ether has also surged to post record highs of 3,616,246 addresses, 293,183 addresses, and 52,943 addresses, respectively. That increase in the number of addresses holding more ETH indicates increased accumulation from speculators and prospective validators.
The total number of Ether held on exchanges has hit a one-year low of around 15.8 million. While referring to bitcoin a few days ago, Willy Woo said he thinks that:
“when the number of coins held on exchanges drop, it’s a sign that new buyers are coming in to scoop the coins off the markets and moving them into cold storage.”
Recently, Ethereum’s exchange balance has shown a Bart-pattern which has persisted in the past 10 months. That pattern is similar in scale to the months before the massive 2017 bull run. Several other signs in the market can be linked back to that period.
The last time that Bitcoin hit $14,000 and Ethereum surged above $400 concurrently was around the end of the bull run in mid-January 2018. Notably, Ethereum’s hash rate also hit an ATH last week reaching 270 Terahash or 270 trillion hashes per second.