Ethereum has seen a notable uptick of 3% in the past seven hours, bringing its current trading price to $2,654.
đź“Ť For the first time ever, the $ETH balance on exchanges has dropped below 10%.
There is a HUGE difference in the balance of #Ethereum vs. #Bitcoin on exchanges. đź‘€ pic.twitter.com/GQNlyhE6Ru
— Crypto Rand (@crypto_rand) August 20, 2024
This surge comes as the amount of Ethereum held on exchanges has dropped below 10% for the first time, highlighting a significant shift in market dynamics.
Ethereum surge to 3% increase in the last 7 hours, currently trading at $2,654
What is your $ETH prediction before the end of August? pic.twitter.com/rBkvnfokgC
— alex. (@Aleex) August 20, 2024
The contrast between Ethereum and Bitcoin’s exchange balances is stark, underscoring Ethereum’s decreasing liquidity on trading platforms. This shift reflects growing confidence in Ethereum and possibly a trend towards holding rather than trading.
In a notable move, Ethereum co-founder Vitalik Buterin has transferred over $1 million worth of ETH to the Railgun protocol. Railgun employs zk-SNARKs to enhance transaction privacy on the Ethereum network, and Buterin’s endorsement has sparked discussions about the balance between improved privacy and potential risks of misuse in blockchain transactions.
Vitalik Buterin has moved more than $1 million worth of ETH to the privacy-centric Railgun protocol, which leverages zk-SNARKs to bolster transaction privacy on the Ethereum network. His endorsement of Railgun has ignited a debate surrounding the balance between enhanced privacy…
— Bitcoinsensus (@Bitcoinsensus) August 20, 2024
Ethereum Spot ETFs Saw Notable Outflow On August 19thÂ
Meanwhile, Ethereum spot ETFs experienced a net outflow of $13.517 million on August 19. Grayscale’s ETHE saw an outflow of $20.3032 million, while the Grayscale mini ETF ETH recorded an inflow of $4.9152 million. Despite these movements, the total net asset value of Ethereum spot ETFs remains substantial at $7.297 billion.
On August 19, the total net outflow of Ethereum spot ETF was $13.517 million. Grayscale ETF ETHE had an outflow of $20.3032 million, and Grayscale mini ETF ETH had an inflow of $4.9152 million. The current total net asset value of Ethereum spot ETF is $7.297 billion.…
— Wu Blockchain (@WuBlockchain) August 20, 2024
These developments underscore Ethereum’s evolving landscape, marked by increased price volatility, shifting exchange balances, and growing interest in privacy solutions. As the market adjusts, the balance of privacy and transparency in blockchain technology continues to be a hot topic.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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