Ethereum (ETH) Exchange Balance Hit 19-Month Low After Price Spike
Ethereum, the world’s second-biggest cryptocurrency, had made headlines recently when its price had skyrocketed to all-time highs. This had been largely due to the upcoming upgrade, Berlin, scheduled to come out towards mid-April. However, the portions of ETH that were being held on various crypto exchanges have experienced a record 19-month low, following the price peak that had occurred this past weekend.
Glassnode, an on-chain provider of analytics, had been the one to reveal this 19-month low amount, and as of the time of this writing, ETH’s price currently rests at just above $2,100. Data provided also seems to suggest an abundance of the asset being moved into either institutional funds or cold storage, being utilized for high-yielding DeFi protocols or being placed on the staking contract for Ethereum 2.0.
Ethereum into DeFi and ETH 2.0
As of right now, there are approximately 14 and a half million ETH (12.7% of overall supply) resting on various centralized exchanges. The last time we witnessed such a drop had been in August of 2019, back when ETH had been trading at an estimated $220.
Currently, the amount of ETH locked across various decentralized finance protocols has reached an all-time high of almost 11 million. This is worth nearly $22 billion at today’s prices and also represents nearly 9.4% of the total supply. This has resulted in holders utilizing it in different DeFi protocols, which has resulted in relatively much better returns.
Furthermore, a few investors are alternatively also staking their ETH into the popular Beacon Chain contract, which is to be utilized for the ETH 2.0 blockchain. This has also yielded positive results, although it should be mentioned that a lockup period amounting to a minimum of one year is compulsory.
ETH prices spike as all-time highs reached
As aforementioned, prices for Ethereum reached an all-time high this past weekend. The highest recorded price had been at $2,140. However, it had dropped back to slightly above $2,000 on Monday. Still, many speculate the price to increase even further as Berlin moves closer to being launched soon.
This year alone, Ethereum has managed to gain nearly 175% to its current levels, and by doing so, has actually outperformed Bitcoin, which itself had managed to gain 97% during the same time. Bitcoin had reached $60,000 at the beginning of February. However, it has dropped to its current level of just over $58,000.