Advertisement
AD

Main navigation

Top Ethereum Exchange Addresses Holding over 7 Million ETH, Here's Signal for Price

Advertisement
Wed, 3/08/2022 - 13:55
Top Ethereum Exchange Addresses Holding over 7 Million ETH, Here's Signal for Price
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to on-chain analytics firm Santiment, Ethereum has seen its supply held by top exchange addresses rise, as traders dump their holdings onto large exchanges during the 2022 market decline.

Advertisement

It reports that a combined 7 million ETH are now being held by the top 10 exchange addresses, which marks the highest since May 2021. Santiment notes that a decline in the top ETH exchange address holdings might be a positive signal for the price.

In addition, Glassnode reports that Ethereum gas prices have dropped to 17.5 Gwei on a seven-day median basis, which represents the lowest network congestion and gas price since May 2020, before DeFi Summer and before the start of the bull market.

This indicates that there has not been a surge in new usage and, generally, relative activity for Ethereum is at a multi-year low.

As a result, the EIP1559 ETH burn rate decreased, with the total ETH burned accounting for just 11% of the total issuance. This effectively indicates that compared to all of post-EIP1559 history, a sizable amount of ETH is entering the market.

Here is a positive signal regarding price

At the time of publication, Ethereum was changing hands at $1,656, up 4.92% in the last 24 hours and 13.35% weekly.

In many ways, the recent uptick in Ethereum's price in July has provided bulls, who have endured the market's relentless downturn for nearly nine months, with much-needed comfort. The digital asset market has historically suffered during the 2022 bear market.

Since the May 2021 sell-off, the demand for Ethereum transactions has been gradually declining, with recent weeks witnessing just a little spike in activity. According to Glassnode, if this upward trend can hold up, it could be beneficial for the price and is something to watch out for.

As U.Today reported, the expected timeline for the Goerli proof-of-stake transition, which remains the last testnet to merge, is expected to occur between Aug. 4 and Aug. 12.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD