Blockchain analytics firm IntoTheBlockThe recent exit of Ethereum (ETH) from crypto exchanges could signal that a rally for the leading smart contract platform is on the horizon.
Making a statement on its Twitter account, the company recorded the exit of more than 180,000 ETH worth $531 million from crypto exchanges within 24 hours, the biggest exit this year.
“More than 180,000 from centralized exchanges in a single day Ethereum (ETH) output. The last time such a big breakout occurred in October 2021, and within ten days there was a 15% price hit. 190,000 ETH has also been invested in Lido’s stETH Liquid staking.”
Data processing experts then investigated the amount of Ethereum invested in the ETH 2.0 contract. According to analysts, the number of Ethereum staked in the deposit contract has increased from under four million in April 2021 to 10.4 million ETH this month.
“10 Million ETH is now invested in the Proof of Stake contract. This is a number that represents about 8.3% of all ETH in circulation. The amount of ETH staked has increased by 20% in the last 90 days and increased by 10% in the last 30 days.”
According to a new blog post by IntoTheBlock, the Lido liquidity protocol has dominated the staked ETH space.
“Lidoremains the largest side with more than $6.87 billion in ETH. This stake is split between more than 20 different professional validators. The key to its growth can be explained by the increased amount of integration they have accomplished with more than 25 DeFi protocols. It is possible to find stETH in most of the best DeFi protocol on Ethereum.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.