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Glassnode: Ethereum (ETH) Number of Exchange Deposits Spiked by Over 36 Percent

As the Ethereum blockchain continues to gain traction in the cryptocurrency community especially in the decentralized finance (DeFi) sector, more and more users have started stepping into the Ethereum (ETH) market as according to the recent data a significant increase has been noted in the number of ETH deposits made to cryptocurrency exchanges over the course of the recent time.

ETH Number of Exchange Deposits Now Stands at 735.958

The blockchain analytics firm Glassnode has presented new data which shows that the Ethereum (ETH) number of exchange deposits has been increasing significantly during the recent time. According to the Glassnode’s shared data, the number of deposits made in ETH to cryptocurrency exchanges surged high by more than 36 percent within the duration of just 24 hours recently.

Before this spike, this number was standing at 539.229 however now it holds at around 735.958.

Source: Glassnode

ETH Non-Zero Addresses Reached New All-time High (ATH)

Not only that the Ethereum network has witnessed growth in its number of exchange deposits but also its non-zero wallet addresses, on the other hand, have also been growing well during the course of recent time.

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As per the data from Glassnode, Ethereum (ETH) number of non-zero addresses reached a new all-time high on October 17. The number of ETH non-zero addresses now stands at 47,863,631. While on the other hand, the previous all-time high of non-zero wallet addresses was 47,860,991 that was noted on the same day by Glassnode. This means that the Ethereum network has seen an addition of more than 3,000 wallet addresses.

While on the other hand, institutional interest in Ethereum has also been growing significantly over recent times as institutional investors have been increasingly throwing their investments into Ethereum. Recently, the founder of the cryptocurrency asset management firm Grayscale Investments Barry Silbert reported that Grayscale Ethereum Trust now holds 2 percent of the entire circulating supply of Ethereum.

Apart from this, the world’s second-largest blockchain network was also praised recently by Heath Tarbet the Head of the United States agency Commodity Futures Trading Commission (CFTC).

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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