In a recent update provided by Glassnode, Ethereum has reached a significant milestone, with the Total Value locked in the ETH 2.0 Deposit Contract soaring to a record high of 28,019,877 ETH. This achievement highlights the growing belief in Ethereum’s shift towards a proof-of-stake consensus mechanism.
At the same time, Ethereum’s perpetual futures market presents a contrasting scenario, with Open Interest plummeting to a 13-month low of $1,282,694,452.42 on the Binance exchange.
Understanding Perpetual Futures and Asset Locking
Perpetual Futures Contracts, known for their unique feature of lacking an expiration date, have been a constant presence in the financial landscape. These contracts establish a binding agreement between buyers and sellers, obligating the sale of an asset on a predetermined future date at a fixed price, regardless of the asset’s market value at that point.
Just a few days ago, on August 23, 2023, the Ethereum community observed a similar 13-month low in perpetual futures Open Interest, amounting to $1,283,378,499.67. This recurring pattern suggests potential shifts in market sentiment and trading strategies.
Another significant insight from the Ethereum ecosystem reveals that the Amount of Supply Last Active 1m-3m (1-day Moving Average) has hit a one-month low of 9,663,000.605 ETH. This data sheds light on the short-to-medium-term holding behaviors of Ethereum investors, which can influence market liquidity and price dynamics.
According to CoinMarketCap, the price of Ethereum is currently trading at $1,650.51, accompanied by a 24-hour trading volume of $5,309,161,791. The cryptocurrency has experienced a 2.26% decline in the past day, underscoring the inherent volatility within the crypto realm.
Ethereum holds the position of the second-largest cryptocurrency by market capitalisation, with a live market cap of $198,414,560,131. The circulating supply of Ethereum stands at 120,214,162 ETH.
