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ETH breaks multiple records as ETH 2.0 approaches

The Ethereum community has been preparing for the launch of ETH 2.0, with a record number of wallets now holding at least 32 ETH.

Ethereum (ETH) hit several milestones in the news that ETH 2.0 could release as early as December 1st, according to the crypto analytics company Glassnode.

Today’s launch of the deposit contract introduced the ability for users to deposit 32 Ether required to participate in staking. The beacon chain genesis of ETH 2.0 will take place on December 1st, if at least 16,384 deposits of 32 ETH are obtained daily. This is a sum of 524,288 ETH, or around $200 million.

According to Cointelegraph.com, hours after the news was released, the number of Ethereum addresses holding at least 32 Ethereum reached an all-time high (ATH) of 126,852. Prior to the current spike, this number had been about 123k since June of this year, with fluctuations just in the hundreds of addresses. This means that approximately 13 percent of all addresses currently holding more than 32 Ether will need to engage in the launch of the staking. Should this amount not be met, the launch will be delayed until seven days after the requirement has been achieved.

The amount of Ether held on the exchanges has only reached a one-year low of 15.8 million. Referring to Bitcoin, earlier this month, crypto statistician Willy Woo said he believes that when the amount of coins held on exchanges decreases, “it’s a sign that new buyers are coming in to scoop the coins off the markets and moving them into cold storage.”

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