{"id":566772,"date":"2021-05-07T11:44:46","date_gmt":"2021-05-07T08:44:46","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566772"},"modified":"2021-05-07T11:44:46","modified_gmt":"2021-05-07T08:44:46","slug":"22-8-of-ethereums-circulating-supply-is-deposited-in-smart-contracts","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/22-8-of-ethereums-circulating-supply-is-deposited-in-smart-contracts\/","title":{"rendered":"22.8% Of Ethereum’s Circulating Supply is Deposited in Smart Contracts"},"content":{"rendered":"
The trend of Ethereum investors moving their ETH out of exchanges<\/a> and into DeFi is at its peak. According to data from the team at Glassnode<\/a>, the amount of Ethereum deposited in smart contracts<\/a> has reached 22.8% of its circulating supply. At the same time, the amount of Ethereum left on exchanges has hit a new low of 12% of ETH’s circulating supply.<\/p>\n The chart below, courtesy of Glassnode, provides a visual cue of the flow of Ethereum out of exchanges and into smart contracts that are at the core of DeFi.<\/p>\n From the chart, it can be observed that the amount of Ethereum’s supply held in smart contracts has risen alongside the price of ETH. Therefore, it can be confirmed that the demand for Ethereum in DeFi has been beneficial to the value of ETH.<\/p>\n The team at Glassnode has also identified that demand for Ethereum has reached levels where 2021 has seen over 10 events where 200k ETH has been withdrawn from crypto exchanges in a single day<\/a>. Such an increase in Ethereum outflows from crypto exchanges proves that investors are more comfortable with the self-custody of their ETH and making use of it in DeFi.<\/p>\n<\/a>Ethereum Outflows Are Contributing to ETH’s Bullish Rise<\/h2>\n
Ethereum Sets a New All-time High of $3,605<\/h2>\n