Combined 7 million ETH now held by top 10 exchange addresses
According to the on-chain analytics firm sentimentAs traders dumped their stakes on major exchanges during the 2022 market slump, Ethereum is seeing its supply increase as top exchange addresses increase.
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.
Furthermore, Glassnode reports that the price of Ethereum gas has dropped to 17.5 Gwei on a seven-day average basis, the lowest network congestion and gas price since May 2020, ahead of the DeFi summer and the start of the bull run. represents.
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 was reduced, accounting for just 11% of the total release of the total ETH burn. This effectively indicates that a significant amount of ETH is entering the market compared to the post-EIP1559 history.
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 rally in the price of Ethereum in July has provided the bulls, who have endured a sustained market slump for almost nine months, and given much-needed rest. The digital asset market has historically suffered during the bear market of 2022.
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 reports, the expected timeline for the Goerly proof-of-stake transition, which remains the final testnet for the merger, is expected between August 4 and August 12.