Of Ethereum collectors, the people who made their deposits when the digital asset was below $ 1,000 are in profit.
Ethereum: Staker underwater
83% of Ethereum (ETH) stakeholders are flooded as the digital asset continues to trade at around $ 1,000. This is what blockchain researchers at Glassnode report.
Parsec Finance founder Will Sheehan revealed this on Twitter on July 1st. A chart accordingly showed that only 17% of Ethereum collectors are in profit.
ETH bets according to the entry price pic.twitter.com/iHiZRmz7ZU
– Will Sheehan (@wilburforce_) July 1, 2022
Glassnode has now confirmed this, stating that almost all for-profit deposits were made when ETH traded below 1,000. The average price of ETH on deposit is $ 2,390.
ETH dollar value pledged down 65%
According to Glassnode, the dollar value of the ETH pledged down 65% on June 30 – despite a record number of coin units at an all – time high.
The dollar value of the promised ETH reached $ 39.7 billion in November 2021. The base then rose to an all-time high of about $ 4,900. The Beacon Chain had 263,918 validators at the time.
Since then, the price of Ethereum has fallen more than 75% from its all-time high, pushing down the promised ETH dollar value.
Daily deposits from collectors are declining
The reduced value of ETH has led to a decrease in collectors’ daily deposits. Previously, the network recorded “500 to 1000 new deposits of 32 ETH per day.”
That number has now dropped to an average of 122 per day – the lowest number on record.
The contract contains more than 12 million ETH units. That is more than 10% of all Ethereum in circulation.
According to Glassnode, the fall in daily deposits could be due to something other than the current fear, uncertainty, and doubt through the market.
That is to say, there are concerns about the profitability of the ETH crowd. The reason: It’s impossible to withdraw ETH bets until The Merge is finished.
However, the demand for LIDO-like derivatives remains high as they can be used as collateral in DeFi applications.
When will Ethereum merge?
The move of Ethereum to a proof-of-concept blockchain is drawing closer as the network completes Seplia’s testnet merge test.
– The merger transfer itself was successful
– 25-30% of validations went offline shortly after the merger
– Validators were offline due to incorrect configurations
– Since then, the offline parties have updated their configurations, and the validations are underway
– terence.eth (@terencechain) July 6, 2022
Meanwhile, a developer has identified problems with the Seplia merger. These include, for example, validations that go offline due to incorrect configurations. He said, however, that “these problems will not delay the merger”.
Based on the available information, the final test of the Ethereum merger on the Goerli Network is expected to take place in the coming weeks. After that, The Merge will continue on the Ethereum mainnet.
Text credit: Cryptoslate
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