Glassnode Data: Retail Investors Continue to Buy ETH, Whales Drop to 3-Year Low

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, Author: Jordan Lyanchev, Compiler: Kyle, Published with permission.

While ETH addresses holding at least 1,000 coins have declined over the past few months, smaller wallet data has surged to new all-time highs.

Retail interest in Ethereum has gradually grown over the past few weeks, at least judging by new record levels of data for smaller addresses holding ETH.

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Additionally, the total value locked in ETH 2.0 deposit contracts also reached a new ATH, surpassing $6.2 billion in token value.

ETH: Retail Buys, Whales Sell

The Ethereum network, the underlying technology behind some of the most prosperous crypto space of late (NFTs and DeFi), has seen a gradual increase in activity since mid-2020.

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A non-zero Ethereum address. Source: Glassnode

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And, while retail ETH holders have been accumulating recently, larger wallets (thought to be whales) holding at least 1,000 coins in one address have been selling off since early 2020. The number has fallen by about 1,000 and hit a three-year low of 6,547.

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The number of ETHd addresses with a balance exceeding 1,000. Source: Glassnode

ETH TVL Reaches Above $6.2 Billion

Lately, investor appetite for the upcoming launch of Ethereum 2.0 has also grown. The total value locked in the ETH 2.0 deposit contract also hit a new ATH of 3,532,066 coins, although the final product may still be several years away.

At today's ETH price trading around $1,750, that's roughly $6.2 billion. This means that since mid-February, when there was just over 3 million ETH on the Ethereum 2.0 blockchain, it has now increased by about $1 billion.