The number of Ether (ETH) locked on the Ethereum 2.0 deposit contract has surpassed 7.64 million. This milestone underscores the unwary interest and optimism the community has for the upcoming Serenity upgrade, although the increase could also be largely driven by the motive of passively earning ETH. 

Over $26B locked in Ethereum 2.0

At the time of writing, 7,645,596 ETH were staked on Ethereum 2.0 deposit contract, according to Eth2 Launchpad. Given the price of ETH at $3,491 on CoinMarketCap, the total coins on the deposit contract equate to over $26.6 billion. This represents an over 1,350 percent increase from the initial 254,288 ETH required to activate the beacon chain for Ethereum 2.0.

This also means there are currently about 238,931 active validators for Ethereum 2.0, with an average APY of around 5.6 percent. 

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Bullish: ETH Exchange Balance Tanks

Just as the number of coins on the deposit contract increased, all exchange ETH reserves have been dropping, which indicates a portion of the outflows is going towards Ethereum 2.0. 

As of September 16, the total ETH on all centralized exchanges dropped to 15.1 million – a level not seen since November 2018. This is not entirely surprising given there has been a massive increase in Ether outflows over the past week. Also, In the last 24 hours, over $840 million worth of ETH were moved off from exchanges. 

Besides the deposit contract, data from Glassnode, an on-chain analytics platform, also showed that a significant amount of ETH is being sent to smart contracts. Over 27 percent of the ETH supply is held in smart contracts. 

Overall, the declining balance on exchanges suggests accumulation and low sell pressure in the market, which is considered bullish for the price of Ether.