- The recent figure is the lowest level in 17 months.
- ETH is now down by almost 75% in seven months.
Just like Bitcoin, Ethereum also witnessed a sharp decrease in value in the past few months. The world’s second most valuable crypto asset touched a low of almost $850 during the recent market sell-off. As a result of the crypto winter, the total number of active Ethereum addresses has now reached 28,149, the lowest level since January 2021.
The average quantity of dormant ETH addresses has elevated at some stage in the identical length. The deliver of ETH spent extra than five years in the past has reached an all-time high of 10.12 million. Data from Glassnode indicates that the ETH community also witnessed a sharp decline within the variety of transactions.
“Number of ETH transactions (7d MA) just reached a 20-month low of 40,691.060. The preceding 20-month low of 40,691.893 turned into determined on 10 June 2022,” Glassnode referred to in a current Tweet.
After a massive correction all through the first 3 weeks of June, ETH stabilized above the rate stage of $1,000 inside the past few days. In the ultimate six days, Ethereum climbed by using more than 20%. The virtual asset is now buying and selling close to $1,200.
Ethereum Network
In its recent crypto market report, Glassnode highlighted a sharp dip in ETH’s marketplace dominance.
“Like Bitcoin, all buyers who bought Ethereum in 2021-22 are now currently all conserving an unrealized loss. A tremendous share of this drawback changed into driven via a huge scale deleveraging inside the DeFi ecosystem,” Glassnode referred to.
“Ethereum dominance has been in notable decline since the Nov 2021 ATH and is close to the inflection point which has historically preceded a longer-term period of Bitcoin out-performance. This highlights the aggregate state of general risk-off sentiment in the market, where ETH under-performs BTC and both tend to under-perform the US Dollar,”
Institutional outflows from ETH investment merchandise reached file highs all through the primary 5 months of 2022.
