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Crypto analyst and trader Ali Martinez, known on the X social media network as @ali_charts, has spotted that the Ethereum network has managed to reach the highest point in an important metric this year.
It happened despite the ETH price having declined to the $3,500 level lately.
Ethereum active addresses hit yearly high
Martinez shared a Santiment chart, which shows a giant rise in ETH daily active addresses in July. The surge has reached 841,100 addresses, which is the highest value this year, according to Ali.
This surge happened just before the ETH price dropped from the $3,875 level to $3,540, where it is trading right now. The decline constituted almost 10%. Ethereum crashed following Bitcoin, which reacted to the Fed Chair Powell announcing that interest rates are so far to remain unchanged.
Ethereum ETFs absorb 8,183 ETH
Data shared by the X analytics account Lookonchain shows that on Aug. 1, 10 spot Ethereum ETFs scooped up a total of 8,183 ETH worth $29.83 million. BlackRock’s ETHA scooped up the largest part, 4,841 ETH valued at $17.65 million. Now, it holds 3,029,059 ETH worth $11.04 billion; 224,833 ETH is ETHA’s total inflows this week, according to Lookonchain.
Grayscale Ethereum Trust took in 1,989 ETH ($6,988,765), Fidelity Ethereum Fund sucked in 1,498 ETH ($5,263,534).
Dan Burgin
Vladislav Sopov
U.Today Editorial Team