With the eyes turned to December 1 for the Ethereum 2.0 update, ETH investors started to share their funds with the ecosystem. It can be said that the interest in Ethereum 2.0 has increased, considering the fact that more investors stake their Ethereum.
20 days are left until the target date for the Ethereum 2.0 update, which is expected to switch from the current proof-of-work algorithm to the proof-of-stake algorithm and solve the network transaction fees and scalability problems.
According to Dune Analytics data, more than 50,000 ETH was deposited within a week for the Ethereum 2.0 update. This number corresponds to 9.42% of the amount required for the Ethereum 2.0 update to fully start its operations. Again, according to Dune Analytics, deposit contracts have been steadily declining since the Ethereum 2.0 announcement last week. While the number was 596 with 45 contracts yesterday, only 32 ETH was sent today, which is the minimum amount to stake.
“Current Ethereum investor plays a big role in the update”
Elias Simos of Bison Trails believes that existing ETH investors are more important to the Ethereum 2.0 update than the new investor. Elias Simos shared his opinion by sharing Glassnode graphics on his Twitter account.
Simos emphasized that the number of wallets containing more than 32 Ethereum continues to increase, but the ETH supply in smart contracts has yet to change neither positively nor negatively. In addition, Simos stated that approximately 15% of ETH in stock exchanges was withdrawn in the third and fourth quarters and that active ETH wallets have been fixed at 400 thousand so far.
According to Simos, these data, verified via Glassnode, may indicate increased interest in the Ethereum 2.0 update. Simos suggests that in this ecosystem that will work with staking infrastructure, it can be allocated by current ETH owners rather than new investors.