Ethereum Reaches Milestone, Whales Accumulate ETH: Investing a Sound Decision

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• Ethereum has successfully switched to a proof-of-stake network and achieved another important milestone, with over 16 million ether (ETH) deposited into the Beacon Chain staking contract.
• Ethereum whales have been collecting ETH during the recent price correction, with the fifth-largest accumulation day in a year recorded last week.
• The number of Ethereum addresses with 100 to 100k ETH is at a 20-month high, suggesting that investing in Ethereum is a sound long-term decision.

The Ethereum network has recently achieved another major milestone, four months after making the successful switch to a proof-of-stake network. According to Etherscan, more than 16 million ether (ETH) have been deposited into the Beacon Chain staking contract, amounting to roughly $22.38 billion at the current pricing and more than 13.28 percent of the whole ether supply. This breakthrough comes two years after the establishment of Ethereum’s staking contract in 2020, the year that the network’s proof-of-stake Beacon Chain was first introduced.

The price of Ethereum (ETH) has undergone a significant correction, but this has not deterred the whales from buying up ETH at every decline. Last week, the fifth-largest accumulation day in a year was recorded, with Ethereum whale activity reaching a new level. According to a Santiment report, the number of 100 to 100k $ETH addresses is at a 20-month high, indicating that Ethereum whales have been building up their reserves since the #FTX debacle in early November. The price of ETH almost reached the lows during the FTX-induced meltdown of the cryptocurrency market, but it was able to rapidly bounce back and maintain above those levels. Additionally, Ethereum has typically outperformed Bitcoin, making investing in ETH a sound long-term decision.

In conclusion, Ethereum continues to prove its capabilities as a leading blockchain network, having achieved a major milestone recently in switching to a proof-of-stake network and accumulating 16 million ETH in its Beacon Chain staking contract. Additionally, Ethereum whales have been accumulating ETH at every dip, with the number of Ethereum addresses with 100 to 100k ETH at a 20-month high. This suggests that investing in Ethereum is a sound long-term decision, as Ethereum has typically outperformed Bitcoin.