As Ethereum (ETH) has started slowly recovering from a dramatic two-month decline, its activity reaches the second greatest level in over eight years. Santiment experts claim that this might be a potential bullish sign.
1.1 million wallets: Second most active day in Ethereum's (ETH) history
Yesterday, Sept. 13, 2023, 1,089,893 unique wallets transacted on the Ethereum (ETH) network as either a sender or recipient of Ether. So far, this is the second largest number in Ethereum's (ETH) mainnet history, as noticed by leading on-chain data analysis platform Santiment.
Typically, this metric ranges between 300,000 and 450,000 wallets; that said, yesterday, the network witnessed a 150-200% mysterious spike. Per Santiment analysts, this striking upsurge might be "the capitulation signal needed for prices to rebound."
The most active day in Ethereum's (ETH) history was registered on Dec. 9, 2022, after the collapse of the FTX/Alameda ecosystem. It preceded a painful Ethereum (ETH) price decline to its multimonth low below $1,160. More than 1.42 million of Ethereum (ETH) accounts transacted in a record-breaking day.
As covered by U.Today previously, yesterday, a whopping amount of 640,000 Ethers (ETH) was withdrawn by users of centralized exchanges. Experts foresee volatility coming, as major Ethereum (ETH) activity metrics are rocketing.
Ethereum (ETH) close to having first "inflationary" week in a long time
Despite this mini-rally, net activity on the Ethereum (ETH) network remains very low. As such, its EIP 1559-enabled token burn process is slowing down while the issuance rate remains stable.
In the last seven days, Ethereum (ETH) validators received 15,610.53 Ethers (ETH), as calculated by Ultrasound Money tracked. Meanwhile, only 11,762.10 Ethers (ETH) were destroyed in the corresponding period.
As such, Ethereum (ETH) lost its deflationary status that used to excite network enthusiasts. As of today, Ethereum (ETH) is subject to 0.167% per year inflation.
Ethereum (ETH) is changing hands at $1,619 on major spot platforms, up 1.3% in the last 24 hours.