- Ethereum contract holdings have soared past $14 billion, marking a 2 years high.
- Prominent exchanges such as Binance, Bybit, and OKX boast significant holdings.
The crypto market continues its potent shifts as Ethereum (ETH) contract holdings surpass a notable landmark. According to recent data from Coinglass, the total value of ETH held in contracts has exceeded $14 billion, reaching a new record high since November 2022. This marks a significant moment for the Ethereum ecosystem, reflecting the growing adoption and utilization of the platform’s smart contract capabilities. However, the amount of ETH contracts held is still below the peak in 2022.
Breaking the ETH Holdings by Major Exchanges
The report reveals that leading cryptocurrency exchanges have played a pivotal role in driving this surge, with notable contributions from industry giants such as Binance, Bybit, and OKX.
Binance accounted for approximately $5.5 billion of the total ETH contract holdings, followed closely by Bybit with $3.1 billion and OKX with $2 billion.
While these figures underscore the substantial investment flowing into Ethereum-based contracts, it’s worth noting that the metric of 3.83 million ETH falls short when measured against the ETH standard. In comparison to the peak of 5 million ETH recorded in 2022, the current holdings represent a notable increase but still indicate room for further growth.
Ethereum’s smart contract capabilities have long been heralded as a cornerstone of decentralized finance (DeFi) and the broader blockchain ecosystem. With applications ranging from decentralized exchanges (DEXs) to non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs), Ethereum continues to pave the way for innovation and experimentation in the digital asset space.
If Ethereum’s growth is sustainable with continuous innovation, ETH contract holdings could go high, possibly reaching $5–6 million, primarily driven by favorable economic conditions and institutional participation.
At the time of writing, Ethereum trades at $3,657, marking an increase of 18% in the past day, as per CoinMarketCap data. Additionally, the daily trading volume of Ethereum soared over 242% in the last 24 hours to $38.39 billion.
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