ETH volume on the largest exchange addresses falls to its lowest since June
The asset’s exchange rate rose by 16,5% in a month
01.12.2023 - 12:43
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2 min
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What’s new? Experts of the analytical company Santiment noted a tendency to move ETH coins from exchanges to non-custodial wallets. Thus, the number of coins on the 10 largest exchange wallets fell to 8,03 million, which became the minimum mark since June of this year. In turn, the 10 largest non-exchange Ethereum addresses accumulated an all-time record number of coins, 41,03 million.
What else is known? Since the beginning of November, the exchange rate of ETH has grown by 16,5%, which was facilitated, among other things, by institutional interest in the asset. Thus, in the middle of last month, the US stock exchange Nasdaq confirmed the application of the largest investment company BlackRock to launch a spot exchange-traded fund based on Ethereum.
In addition to BlackRock, Fidelity, VanEck, Grayscale, Hashdex, Invesco, and Galaxy (jointly), as well as ARK Invest and 21Shares (jointly) have applied to launch similar products in the United States. All are awaiting approval from the Securities and Exchange Commission (SEC).
In addition, Glassnode analysts have recorded an increase in the number of validators voluntarily disconnecting from the Ethereum network, which has slowed the issuance of the asset. Combined with the increase in network activity, ETH has once again become deflationary as transactions burn some of the coins paid as fees.
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