In the first part of this article, we talked about Bitcoin. Now, we’ll talk about how Ethereum is doing.
Ethereum (ETH), fresh off its label as the least-loved digital asset of our holdings in 2023, continues on a negative streak. Reaching $4.8 million in sales by large entities over the past week. Its unfavorable rating is very much intact, clocking $117 million of outflows on the year.
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Ethereum’s performance has worsened since its Shanghai upgrade. Market value, daily transactions, active addresses, and DeFi value have all dropped. The market cap is down 17% to $190 billion. Also, daily transactions are down 14% to 860,000, active addresses are down 19% to 351,000, and DeFi value is down 30% to $21 billion. Ethereum-based NFTs lost all value, and DEX volumes dropped 70% to $446 million. Here is a report from Coingecko about ETH Liquid Staking 2023.
Deep dive into LSDs – our ETH Liquid Staking Report 2023 is now LIVE!
By Aug 2023, LSD protocols accounted for 43.7% of the total 26.4M ETH staked. Post-Shapella, LSD staking surged, causing long entry queues while exit queues remained minimal.
Here are the top 5 highlights 🧵 pic.twitter.com/Bbvz5nA4gy
— CoinGecko (@coingecko) September 26, 2023
All this because of Ethereum’s roll-ups: Three major roll-ups launched this year. Also, Arbitrum, Optimism, and Base. They have attracted activity onto Ethereum Layer 2s:
- Daily active validators have increased 46% from 561,000 in April to 818,000 today.
- Staked ETH (staking ETH is required to activate a new validator) has grown 44% from 18 million in April to 26 million today.
Also, the Ether-to-Bitcoin ratio dropped to a 14-month low of nearly 0.0602 last week as large token holders, including Ethereum co-founder Vitalik Buterin, moved coins to crypto exchanges, possibly as a prelude to selling.
Last week, Ethereum co-founder Vitalik Buterin sent 300 ETH (worth about $493,000) to the cryptocurrency exchange Kraken. It spurred speculation among crypto watchers given Buterin’s stature for Ethereum.
— PeckShieldAlert (@PeckShieldAlert) September 19, 2023
Most recently, another 600K worth of ETH was sent from the Vitalik wallet to Coinbase. Buterin’s most recent transaction marks the latest in a series of ETH deposits into centralized exchanges over the past ten days. According to this blockchain analytics platform, it is estimated that Buterin has deposited a substantial 2,421 ETH, equivalent to $3.94 million, since the 15th of September.
Another large holder deposited a total of 30,000 ETH (worth nearly $50 million) to the cryptocurrency exchanges Binance, OKX, and KuCoin over the past four days, according to blockchain researcher Lookonchain.
A whale that had been dormant for 2 years woke up 4 days ago and transferred 10K $ETH ($16.5M) out.
— Lookonchain (@lookonchain) September 19, 2023
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