The BTC rate has come close to the $12,000 mark, and large investors are withdrawing Ethereum from the exchanges

ETH 2.0 deposit contract may be launched this week

ConsenSys developer Ben Edgington announced that the Ethereum 2.0 deposit contract will be launched “in the coming days.”

It will allow transferring coins between Ethereum and Ethereum 2.0. This is one of the few remaining updates required to launch the second version of the web. Genesis block ETH 2.0 will appear within 6–8 weeks, according to the developer who clarifies that this is “not an official statement.”

“Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi,” Edgington warned.

The BTC rate has come close to $12,000

On October 20, the bitcoin price rose to $11,930, which became the highest value since the beginning of September.

In 24 hours, the first cryptocurrency went up by 2.8%, and in two weeks it added more than 11% in price. The bitcoin dominance index in the cryptocurrency market rose to 59%. Earlier, the BTC hashrate once again updated its historical maximum.

In addition, the trading volume of the first cryptocurrency jumped sharply in relation to altcoins — to a three-year peak. At the same time, the altcoin market capitalization decreased by 4.8% over the week.

Large investors withdraw ethereum from exchanges

Santiment analysts noticed that Ethereum whales are withdrawing coins from exchanges. Over the past two months, the amount of ETH on the largest exchangers’ wallets has decreased by 20.5%.

This indicates “price confidence on the part of leaders,” Santiment writes. A similar trend is noted by the Glassnode service, according to which the volume of ethereum on the exchanges fell to a minimum of nine months.

At the same time, the number of addresses with a balance of more than 32 ETH has reached a historic peak — this is how many coins are needed for staking on the Ethereum 2.0 network.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store