Ethereum (ETH) has been consolidating ever since the second-largest cryptocurrency plummeted to lows of $2,000 before returning to $2,410 from an all-time high (ATH) of $4,350.
“The number of Ethereum exchange deposits (7d MA) just reached a 5-month low of 548.940.”
It could, therefore, suggest that Ethereum stored in cold storage or wallets is not being moved for holding purposes, which is a bullish signal.
These statistics correlate with insights recently provided by Glassnode that Ethereum exchange inflow volume reached a monthly low of $34.27 million.
Ethereum worth $63 billion is locked in smart contracts
According to EthHub founder Anthony Sassano:
“The amount of ETH in smart contracts is now at a similar level to what it was during The DAO event (around 23% of all ETH). In June of 2016, that was ~$230 million worth of ETH. Today, it is ~$63 billion worth of ETH.”
These areas have been pivotal in aiding Ethereum’s recent bull run, which saw its market capitalisation surge past the $500 billion marks. As a result, the second-biggest crypto was more valuable than financial giants like Visa and PayPal.
“Market sentiment is beginning to recover but is still in the ‘fear’ range according to the Crypto Fear & Greed Index.”
Meanwhile, Ethereum whales are on a record-breaking trend of accumulating more coins. It, therefore, shows that they are bullish about ETH in the long term.
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