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

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.

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.

On-Chain Developments

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.

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.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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