While Bitcoin’s price has been in a consolidation phase post ETF adoption, Ethereum is witnessing significant gains. Currently trading at $2,571, Ethereum’s market valuation has reached $308.97 billion, marking a 1.53% increase.
According to Santiment data, Ethereum’s price dominance against Bitcoin has surged by +22.4% in the past week. This period has seen the creation of 89.4K new $ETH addresses daily, with a notable spike of 96.3K wallets created just yesterday.
📈 #Ethereum's price dominance continues to surge against #Bitcoin's, now +22.4% in a week. During this stretch, there have been 89.4K new $ETH addresses created per day, and 96.3K wallets just yesterday. Additionally, the 2nd largest market cap asset's supply on
(Cont) 👇 pic.twitter.com/9nHCl6PJPy
— Santiment (@santimentfeed) January 16, 2024
Ethereum Supply On Exchanges Nears All Time Low
An interesting trend is the supply of Ethereum on exchanges, which is nearing its All-Time Low at 8.05%, signaling a shift towards self-custody and staking rather than holding assets on exchanges, reducing the risk of an imminent selloff.
However, recent on-chain data from Spot On Chain hinted at a whale sell-off. The wallet labeled “Grant Provider: 0x9ee” moved 100 $ETH ($253K) to address 0xd77, subsequently receiving back 253K $DAI. Despite this, the Ethereum Foundation still retains a substantial holding of 312K $ETH ($794M).
The Ethereum Foundation appears to sell $ETH via OTC just now.
The “Grant Provider: 0x9ee” wallet moved 100 $ETH ($253K) to address 0xd77 and then received back 253K $DAI ~20 mins ago.
Overall, the Ethereum Foundation still holds 312K $ETH ($794M).
For more updates, follow… pic.twitter.com/LGhRUwH3xq
— Spot On Chain (@spotonchain) January 16, 2024
Ethereum’s robust performance post-ETF adoption, increasing market dominance, and the strategic shift towards self-custody contribute to the overall positive sentiment in the Ethereum ecosystem. While challenges like whale movements are noted, Ethereum’s strong fundamentals and growing user base indicate a resilient trajectory in the current market landscape.
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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