Ethereum ETH2.0 deposits reached 148% of the required 524,288 ETH

Quick grip:

• Ethereum investors continue to send ETH to the ETH2.0 staking contract
• Nonetheless, the minimum threshold of 524,288 ETH was reached
• 775.232 ETH is currently locked in the contract which is 148% of the requested amount
• According to Weiss Ratings, high deposits mean everyone wants to get on board
• Continuous deposits are a clear sign of investor confidence in Ethereum

The minimum Ethereum deposit threshold required to activate phase 0 ETH2.0 was reached earlier this week. This means that ETH2.0 is scheduled to launch on December 1st.

ETH2.0 deposits reached 148% of the required 524,288 ETH

However, Ethereum investors continued to send their ETH to the ETH2.0 deposit agreement despite the minimum amount of 524,288 ETH being reached. According to CryptoQuant’s on-chain data, 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, showing ongoing deposits in the ET2.0 staking contract.

Everyone wants to get on board

Second Weiss Crypto Ratings team, Ethereum deposits on ETH2.0 exceeding the minimum amount by such a huge margin is a sign that everyone wants to be a part of the update and the network.

The smart contract required for ETH 2.0 activation has sufficient funds to start the activation of the long-awaited update. The last 25% of the ETH was deposited in just four hours. Even as we speak #ETH it is still in the process of moving to the deposit agreement. Everyone wants to get on board. Go to ETH!

$ 395M in ETH locked in ETH2.0 could benefit from the Ethereum price

775,232 ETH blocked in the ETH2.0 staking contract translates to approximately $ 395 million using an Ethereum fee of $ 510. This amount of funds is approximately 0.68% of the total outstanding Ethereum supply and a testament to investor confidence. in the upcoming network update. Ethereum investors are literally putting their money where their mouth is.

Such investor confidence, coupled with a drop in Ethereum’s correlation with Bitcoin, could mean the alternate season is once again on the crypto-verse. As a result, Ethereum could consolidate around the $ 490 support area and continue its bullish rise in December.