Ethereum News Today – Headlines for October 16

  • About half of Ethereum overall token supply has not moved in the last 12 months
  • Ether’s multi-year accumulation has grown in 2020 although things may change soon
  • 20% of ETH’s overall tokens haven’t been moved before October 2017

Ethereum News Today – The Ether network has recorded a new milestone. This time it relates to ETH’s overall token supply. According to reports, more than half of Ether’s circulating supply hasn’t moved in over a year. Only 39.6% of Ethereum’s ETH have been changing hands in the market in the last 12 months.

According to data from Glassnode (which offers a chronological analysis of the velocity of transactions that happened on-chain), more than 28% of Ether was last moved in the last 12 and 24 months. This reportedly includes the biggest part of the on-chain activity.

20% of ETH’s Overall Tokens Haven’t Been Moved Since October 2017

There is data suggesting that a good number of cryptocurrency whales spent the last 12 months (2019 precisely) accumulating Ether. They may have been doing this in advance to prepare for Ethereum’s coming upgrade tagged ETH 2.0. ETH 2.0 overhaul (phase 0 is scheduled to begin in the coming months), will allow all users of the network the ability to stake their ETH for the first time. More than 20% of ETH tokens haven’t been moved before October 2017.

Right now, analysts are watching to see if a percentage of the tokens that have been stored will be moved into staking after phase 0 of ETH 2.0 rolls out. The upgrade will address the network’s long-standing scalability issues that have caused transaction fees to rise exponentially.

The Launch of Phase 0 May Have Triggered a Rise in Momentum in the Short-term

The much anticipated coming launch of Phase 0 of ETH 2.0 appears to have triggered a recent increase in momentum for the coin in the short-term for on-chain transfers. At press time, the share of ETH moved in the last 24-hours of trade has increased from below 0.5% (in January and February) to an average of more than 1% (at the beginning of September). Weekly velocity has also increased from 1.5% it started the year with to its current position of 5% in July and September.

Meanwhile the monthly and quarterly transfers on the network steadily increased since June. When compared to Bitcoin, BTC’s short-term on-chain velocity reportedly declined largely (since the pre-halving hype died and ‘Black Thursday’ crash in early 2020), with weekly transfers on the network dropping from 6% (in February) to 3.5% and 4% (in September).

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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