Crypto News

Ethereum’s Market Dominance Surges As Bitcoin Consolidates After ETF Adoption

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 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).

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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