ETH Exchange Balance at Two-Year low while Skew Deep into Negative Territory
The weekend is here and so is red.
The cryptocurrency market is seeing a slight correction with ETH going to $455, down from yesterday’s high of $477.
At the time of writing, Ether has been trading at $460 in the red, with 250% year-to-date performance.
The good thing is the percentage of total ETH being held on exchanges is currently at 13.35%, a low last seen on November 23, 2018, as per Santiment.
“The almost exact two-year milestone is a positive sign for Ethereum holders, who have historically benefited when supply held off of exchanges is kept low.
It indicates that large whale selloff probabilities will remain limited.”
Also, “strong demand” is seen for ETH options calls, which are the right to buy the underlying asset.
📉 ETH skew going deep into negative territory, highlighting strong demand for calls.
— skew (@skewdotcom) November 13, 2020
While the price of Ether is taking a breather here, so are the DeFi tokens which rallied strongly this past week, as Bitcoin stood strong above $16,000 but didn’t move much.
As the price of BTC drops to nearly $15,700, so have the altcoins, ETH, and DeFi tokens except for the likes of Hakka (26%), Hegic (16%), Sushi (12%), and Uniswap (11%).
Overall, the total value locked (TVL) in DeFi space hit a new all-time high today at $13.95 billion, as per DeFi Pulse.
The amount of ETH locked in the sector has also been on the move this past week, nearing the ATH at 8.9 million ETH.
While the ETH locked in DeFi are seeing an increase, those locked in for ETH Phase 0 slowed down, only reaching the 12.1% of the goal.
In its latest update, the Ethereum Foundation noted that with the genesis time set for Dec. 1st, 12 pm UTC, the community has to get their deposits on-chain before November 24, 12 pm UTC.
63,547 ETH has been staked in the Eth2 deposit contract.
460,741 more ETH is needed to launch Eth2.
— Eth 2.0 Deposit Contract – Progress Meter Bot (@DepositEth) November 14, 2020
Yesterday, developer Danny Ryan also updated on the launch of Toledo devnet, a 16k validator testament with v1.0 mainnet configuration. Next week, the aim is to launch Pyrmont, 1 100k validator testnet mimicking mainnet conditions.
“Once Pyrmont is launched and stable, the testnet will be opened up to the community. Pyrmont can serve as a final place to test mainnet software releases and hardware setups in the run-up to mainnet launch.”