Data from Glassnode reveals that Ethereum Inflow to exchange platform hit a new low in the past month on December 4th. Similarly, Ethereum’s price has been battling huge selling pressure amid the ongoing bearish market.
Glassnode, an analytics platform, shows that the exchange inflow volume of Ethereum hit a one-month low of about $14 million. The volume dropped drastically as this year is about to end.
Based on this assessment, most investors are not keen on investing in Ethereum. Some investors have even decided to maintain their current positions hoping for a rally soon.
Meanwhile, the number of addresses sending Ethereum to exchanges has risen over the last few days. No data proves that this exchange inflow volume will increase anytime soon.
Instead, the CEO of Bybit crypto exchange opined recently that the crypto market winter could get tougher soon. Since the start of the bearish market, ETH’s price has taken a major hit.
Despite the September 15th Merge, the crypto with the second largest market value has been struggling below $2000. The recent price drops could be responsible for the coin’s low exchange inflow volumes.
Also read:The altcoin has been bearish in the past months, fluctuating around the $1700 region. It is trading around the $1200 region, having lost recent gains.
The altcoin is still far from its all-time high of $4,892 recorded last year. At the beginning of November, Ethereum was trading around the $1700 mark.
Then, the inflow volume to exchanges was about 50 million. However, on November 22nd, the price of Ethereum dipped to $1082.
The inflow volumes also followed, hitting a low point. Since then, the coin has been unable to surpass resistance at $1500.
Ethereum Outperforms Bitcoin In Number Of Active Addresses
Both Bitcoin and Ethereum are affected by the ongoing bearish market. In the past month, the price of both digital currencies has decreased.
However, recent statistics reveal that Ethereum performs better in terms of addresses than Bitcoin. Notably, there has been an increased number of addresses for Ethereum.
Since the beginning of 2020, analysts have seen that the percentage of active wallet addresses for Ethereum has increased by 36%. However, that of Bitcoin has only increased by 20.6%.
Meanwhile, different factors contributed to the number of active Ethereum wallets exceeding that of Bitcoin. Among them includes activities in the NFT, the metaverse, and DeFi space.
Reports by Blockchain data revealed that there is a sudden rise in Ethereum staking. This could also have contributed to the increase in active wallets.
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