Although ETH, the cryptocurrency of the largest smart contract platform Ethereum, has lost 10% in the last month, the total value (TVL) metric locked on the network has risen to an all-time high.
Ethereum TVL value has reached $40 billion, according to a Twitter post by on-chain data tracker glassnode alerts. Most of this figure represents the monetary value of ETH tokens locked for staking on the network.
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of $38,940,216,407.02
Previous ATH of $38,929,153,051.50 was observed on 06 May 2023
View metric:https://t.co/1ezmu1GKcj pic.twitter.com/W4tQPG9GUR
— glassnode alerts (@glassnodealerts) May 19, 2023
Despite the price drop in Ethereum, the fact that investors continue to lock tokens on the network attracts everyone's attention. Experts comment that medium-long-term investors have upside expectations.
What About Futures?
While the total value locked in the ETH network continues to rise, a different expectation prevails in the futures markets. According to the chart shared by market follower Coinglass, short transactions continue to dominate in the futures market.
51% of futures traders are short. This situation reveals that the majority expects a decrease, albeit a small one.
ETH Price
The largest altcoin by market cap has shown sideways movement throughout the week.
$ETH is currently catching around $1,800.
