Ethereum Reaches $22.38 Billion Milestone, ETH Whale Activity Rises

• Ethereum has successfully achieved another milestone of having more than 16 million ETH deposited into the Beacon Chain staking contract.
• Last week, ETH whale activity reached a new level with the fifth-largest accumulation day in a year recorded.
• Ethereum has typically outperformed Bitcoin and buying ETH must be a sound investment in the long term.

Ethereum has recently accomplished an important milestone by having more than 16 million ether (ETH) deposited into the Beacon Chain staking contract on the Ethereum blockchain. This amounts to roughly $22.38 billion at the current pricing and more than 13.28 percent of the whole ether supply. According to Edul Patel, CEO and co-founder of Mudrex, this achievement comes about two years after the establishment of Ethereum’s staking contract in 2020.

Ethereum’s switch to a proof-of-stake network has been a success, and the activity of ETH whales has been increasing since the #FTX debacle in early November. According to a Santiment report, the number of 100 to 100k ETH addresses is at a 20-month high. The ETH price has undergone a significant correction, yet the whales have been buying at every decline. Last week, the fifth-largest accumulation day in a year was recorded, with the Ethereum whales continuing to build up.

The argument for buying Ethereum is strengthened by the fact that Ethereum has typically outperformed Bitcoin. As such, investing in Ethereum must be a sound investment in the long term. The Ethereum network is continuously growing, with more and more people joining and taking part in the staking process. With the successful switch to a proof-of-stake network, Ethereum has achieved a major milestone and is proving to be a reliable and secure blockchain network.