Ethereum Deposit Volume Reaches Second-Largest Record After Shanghai Upgrade

According to reports, according to 21Shares analyst Tom Wan, the weekly deposit volume of Ethereum reached 539900 ETHs in the week after Shanghai’s upgrade, setting the second largest weekly deposit record to date. The largest weekly deposit record for inflows occurred on November 23, 2020, when 5565800 ETHs were deposited. Among the top CEX providing Ethereum pledge services, the number of ETHs pledged by Coin is the highest, reaching 107000. Other CEX data include: Huobi: 45200 ETHs, Kraken: 23000 ETHs, and Coinbase: 11900 ETHs.

Data: After the upgrade in Shanghai, the weekly deposit volume of Ethereum reached nearly 540000 ETHs, setting the second highest record in history

Introduction

Cryptocurrency enthusiasts and investors have had their eyes fixed on Ethereum following the Shanghai upgrade, which has led to a significant increase in weekly deposit volumes. According to 21Shares analyst Tom Wan, the weekly deposit volume of Ethereum reached 539900 ETHs in the week after the upgrade, setting the second largest weekly deposit record to date.

Ethereum Deposit Record Overview

The largest weekly deposit record for Ethereum inflows was on November 23, 2020, when 5565800 ETHs were deposited. Although the recent deposit record fell short of this number, it still indicates significant progress for Ethereum stakeholders.

Key CEX Providers

Coin is the top CEX provider offering Ethereum pledge services, with the number of ETHs pledged reaching 107000. Other CEX providers offering Ethereum pledge services are Huobi with 45200 ETHs, Kraken with 23000 ETHs, and Coinbase with 11900 ETHs.

Significance of Ethereum Deposit Record

The recent Ethereum deposit volume record shows that the upgrade that took place in Shanghai has had a positive effect on Ethereum’s popularity and significance in the cryptocurrency market. The surge in deposit volumes means that more investors are interested in Ethereum, and this may further drive up its value.

The Future of Ethereum

The recent deposit volume record shows that Ethereum is gaining momentum, and there is a possibility that this trend will continue. The growing interest in Ethereum is mainly due to its increased functionality, as well as its potential to be used in various industries.

FAQs

**Q1: How does Ethereum differ from Bitcoin?**
A: Ethereum is different from Bitcoin in that it offers greater flexibility and more advanced functionalities compared to Bitcoin’s basic decentralization capabilities. Ethereum can be used for various purposes, such as executing complex smart contracts and building decentralized applications.
**Q2: How can I invest in Ethereum?**
A: You can invest in Ethereum by purchasing it on a reputable cryptocurrency exchange, such as Coinbase or Binance. You can also participate in ICOs (Initial Coin Offerings) that accept Ethereum as payment.
**Q3: What are some potential risks of investing in Ethereum?**
A: Investment in Ethereum, like all investments, comes with some level of risk. The cryptocurrency market is highly volatile, and you may experience losses due to fluctuations in Ethereum’s value. Additionally, Ethereum is not backed by any government, which means that there is no legal recourse in case of losses due to fraud or other criminal activities.

Conclusion

The recent Ethereum deposit volume record is a positive indication of its growing popularity and significance in the cryptocurrency market. The increase in deposit volumes after the Shanghai upgrade shows that investors are increasingly finding Ethereum attractive, and this may lead to further growth in its value. With its increasing functionality and potential to be used in a variety of industries, Ethereum’s future looks bright.