(BTC) Bitcoin News TodayAltcoinBlockchainCryptocurrencyDeFiEthereum (ETH)MetaverseNewsNFTStaking

Ethereum Inflow Volume To Exchanges Hit Monthly Lows

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:  Bitcoin Dips Below $69,000, Pushing Liquidations Above $300 Million

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.

📰 Also read:  Report: 'Bitcoin' Google Search Volume Declines, While 'Meme Coin' Increases

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.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Vitalik Buterin’s Helios Push Targets Faster and Scalable Ethereum Rollup Networks

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content