ETH has not had a negative net issuance day since January 10
Data tracked by InTheBlock shows that the net issuance of Ether is falling. After peaking on March 12 at 3.48%, the seven-day average net issuance was around 2.21%, according to the data provided.
The on-chain analytics firm reports that ETH has not had a negative net issuance day since Jan. 10, but it reached a two-month low of 0.87% on March 5.
The amount of Ether created by the network minus the amount of Ether destroyed by it is called emission. Ether’s net daily issuance, or daily supply adjusted by the number of tokens burned, appears to be heading south, offering bullish signals for the native Ethereum asset.
As a result, a continuous drop in issuance might signal positivity for the Ethereum price. As the cryptocurrency market succumbed to broad selling pressure, Ethereum fell over 8% to $3,143 before recovering slightly. At the time of writing, Ethereum was trading at $3,216.
Market watchers anticipate increased institutional adoption once the Ethereum merger is complete. The existing Ethereum mainnet will “merge” with the Beacon Chain proof-of-stake system, completing Ethereum’s transition from proof-of-work to proof-of-stake. Ethereum developers recently successfully released “Kiln”, the latest fusion testnet.
Billionaire and crypto fan Mark Cuban has announced that he feels “very bullish” on the upcoming crucial Ethereum “merge”. The billionaire and owner of the Dallas Mavericks team believe that the upcoming Ethereum upgrade is important for two reasons. The first is that ETH will switch to the proof-of-stake consensus from proof-of-work. This will make Ethereum more eco-friendly and greener than Bitcoin, Litecoin and other coins running on PoW.
Bloomberg reported that banking giant Goldman Sachs intends to offer its clients the ability to trade options over-the-counter on Ethereum. This decision was prompted by the growing customer interest that the bank has witnessed. These ETH options will be settled in cash, according to the global head of crypto trading at Goldman Sachs.
At the moment, the bank’s customers view Ethereum as a “more investable asset class.”
