- Crypto holders in Singapore prefer Ethereum over Bitcoin, according to a survey by cryptocurrency exchange Gemini.
- A total of 50,000 Ethereum worth $165 million burned since the London hard fork makes ETH more likely to turn deflationary.
- Ethereum staked on the ETH 2.0 staking platform hits a new all-time high.
Ethereum’s future is likely to be deflationary with the higher level of ETH being burned. The amount of ETH held on exchanges is dropping consistently.
BTC popularity plummets as traders prefer deflationary cryptocurrency ETH
A recent survey by cryptocurrency exchange Gemini revealed that Ethereum is the most popular cryptocurrency in Singapore. Nearly 78% of crypto investors in Singapore hold Ethereum, and 69% have Bitcoin.
Ethereum’s rising popularity can be attributed to the increase in the number of deflationary blocks being produced since EIP-1559 went live with the London hard fork. $165 million worth of ETH has been burned in the past ten days.
As more Ethereum is pulled out of circulation, analysts note a rise in Total Value Locked (TVL) on DeFi and a spike in volume of Ethereum staked in the ETH 2 contract.
Guy, a cryptocurrency analyst, and YouTuber at CoinBureau, states that the Ethereum locked in DeFi is being held in smart contracts. It is most likely used in DeFi protocols to supply liquidity, earn interest or other types of yield farming tactics.
The ETH representing DeFi TVL is used for a specific purpose, and the investors that hold this Ethereum are less likely to sell it in the short term. At the same time, Ethereum staked in the ETH2 contract has hit a new all-time high of 6.72 million ETH. Ethereum that is locked away is out of the circulating supply for the long term, which fuels the bullish outlook of traders.
The total value of ETH staked in the ETH2.0 deposit contract
Ethereum has outperformed Bitcoin in terms of transaction volume, daily trade volume and return on investment, according to data from the Blockchain Center.
Further, as the Ethereum network heads toward the “Merge,” the upgrade that swaps the current proof-of-work (PoW) consensus mechanism with energy-efficient and secure proof-of-stake (PoS), Ether’s inflation is expected to drop, leading to deflation.
Traders expect “deflation” to positively impact Ethereum’s price, which makes it more attractive than Bitcoin.
According to FXStreet analysts, Ethereum’s next price target is $4,000, and this is a significant psychological level for the altcoin’s price rally. There is a surge in Bitcoin reserves on exchanges; however, in the case of Ethereum, the opposite is true.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Tether expands reach with Juventus acquisition and new Bitcoin-native public company launch
Tether announced on Thursday that it had acquired additional shares in Juventus Football Club, bringing its total stake to over 10.12% and representing 6.18% of voting rights. Tether, Bitfinex, SoftBank & Jack Mallers also launch Twenty-One, the first Bitcoin-native public company.
Ethereum Price Forecast: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum (ETH) saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Stacks price eyes $1 amid growing interest in Bitcoin layer-2 protocols' DeFi ecosystems
Stacks (STX) price rises, hitting a new weekly high at $0.90 during the Asian session on Friday. The Bitcoin layer-2 protocol shows bullish resilience, trading at $0.88 at the time of writing, reflecting growing institutional interest in the decentralized finance (DeFi) ecosystem.
Bitcoin's surge to $94,000 shows a mix of macro optimism and shifting investor sentiment: Glassnode
Bitcoin (BTC) traded above $93,000 on Thursday as rumors of US-China tariff easing stirred a rebound in price, sending the percentage of supply in profit at current price levels to 87.3%, 5% above 82.7% recorded in March, according to Glassnode data.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.