ETH 2.0 Deposits Hit ATH As Perpetual Futures Open Interest Dips

In a recent development reported by Glassnode, Ethereum has achieved a significant milestone as the Total Value locked in the ETH 2.0 Deposit Contract surged to an all-time high of 28,019,877 ETH. This landmark underscores the growing confidence in Ethereum’s transition to a proof-of-stake consensus mechanism. 

📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 28,019,877 ETH

View metric:https://t.co/SzbMPqvhlb pic.twitter.com/Bvfly88Sds

— glassnode alerts (@glassnodealerts) August 24, 2023

Simultaneously, Ethereum’s perpetual futures market has experienced a contrasting trend, with Open Interest hitting a 13-month low of $1,282,694,452.42 on Binance.

Navigating Perpetual Futures and Asset Locking

Perpetual Futures Contracts, renowned for their distinctive characteristic of lacking an expiry date, have long been a staple in the financial landscape. These contracts create a binding agreement between buyers and sellers, mandating the sale of an asset on a fixed future date at a predetermined price, irrespective of the asset’s market value at that time.

The Ethereum community witnessed a similar 13-month low in perpetual futures Open Interest just a few days ago, on August 23, 2023, at $1,283,378,499.67. This recurrent pattern suggests potential shifts in market sentiment and trading strategies.

📉 #Ethereum $ETH Open Interest in Perpetual Futures Contracts just reached a 13-month low of $1,282,694,452.42 on #Binance

Previous 13-month low of $1,283,378,499.67 was observed on 23 August 2023

View metric:https://t.co/5xWRoSKP3f pic.twitter.com/C2mu5dQ1Os

— glassnode alerts (@glassnodealerts) August 24, 2023

Active Supply Metrics and Market Performance

Another noteworthy report from the Ethereum ecosystem reveals that the Amount of Supply Last Active 1m-3m (1-day Moving Average) has reached a month-long nadir of 9,663,000.605 ETH. This data offers insights into short-to-medium-term holding patterns among Ethereum investors, which can influence market liquidity and price dynamics.

Against this backdrop of data-driven insights, Ethereum price is trading at $1,650.51, accompanied by a 24-hour trading volume of $5,309,161,791 on CoinMarketCap. The cryptocurrency has experienced a 2.26% dip in the last day, reflecting the inherent volatility in the crypto space.

Ethereum is the second-largest cryptocurrency by market capitalization, with a live cap of $198,414,560,131. Its circulating supply stands at 120,214,162 ETH.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.