As per a special report released by Glassnode and CoinMarketCap, the Ethereum locked into the 2.0 contract is holding heavy losses right now.
A relevant metric here is the “realized cap,” which is a method of calculating the capitalization by multiplying each coin in circulation with the price it was last moved at, and taking the sum.
This is different from the usual “market cap,” where the total number of coins in circulating supply is multiplied by the current Ethereum price.
From this realized cap, an average “realized price” can also be derived by dividing the indicator with the amount of supply in circulation.
Now, here is a chart that compares the realized price of the overall ETH market with that of the supply locked into the staking contract:
As you can see in the above graph, the realized price of the aggregate Ethereum market was around $1.6k a few days back when the report came out.
Then, the realized price of the staked ETH was just under $2.4k. At these values, the locked supply’s realized price differed from the normal supply’s by 44%.
The chart also includes data for the unrealized profit/loss of the staked supply. It seems like at the time of the report the coins in the ETH 2.0 contract held unrealized losses totaling to very nearly $15 billion.
Though, since the report has come out, Ethereum has observed a significant price jump, and thus the current losses of the staked supply and the overall market’s realized price would have changed by now.
Nonetheless, the realized price of the staked supply wouldn’t have budged too much, which means the coins locked would still be quite underwater at the current price.
Thus, the fact remains that the 13 million ETH deposited into the staking contract are currently holding much more losses than the normal supply.