Cryptocurrency investors continue to accumulate ETH – more than half of the coins lie motionless on wallets for more than a year.
According to a graph provided by the analytical company Glassnode, reflecting transaction data in the Ethereum blockchain, approximately 28% of ETH moved from 12 to 24 months ago. The total number of coins lying idle for more than a year is almost 60%.
Analysts believe that large investors are accumulating ETH before the launch of Ethereum 2.0, along with which the network will be staking. The zero phase of Ethereum 2.0 should be launched in the coming months, and this is also reflected in the activity in the network of the second cryptocurrency.
If at the beginning of the year about 0.5% of ETH moved between wallets per day, now this figure has doubled. Similarly, the volume of coin movements increased during the week – from 1.5% to 5%.
Interestingly, the opposite situation is observed in the Bitcoin network. If in February, about 6% of coins were moved between wallets in a week, by September this figure fell to 3.5%-4%.
Recently, it was reported that the developers of Ethereum 2.0 successfully launched the Zinken test network and tested the creation of the ETH 2.0 genesis block.
The opinion of analysts about the increase in activity in the network with the introduction of staking looks very controversial. After all, to get a reward for staking, it is just necessary that the coins lie motionless as much as possible most of the time. This means that everyone who wants to become a stake holder-independent validators or join a pool – will only conduct transactions with ETH if absolutely necessary. And the share of actively moved coins may fall even more.
Do not forget about the growth of DeFi — if this trend continues, more and more ETH will be blocked on smart contracts of DeFi applications. The main expense item will be the maintenance of blockchain commissions, which, however, after the transition to Ethereum 2.0 should be greatly reduced.
Thus, instead of “unfreezing” coins, Ethereum users will begin to “preserve” them even more actively. And this can lead to a liquidity crisis, although ETH on exchanges will probably participate in staking, and only virtual balances that do not affect the blockchain are traded.