Thursday, July 24, 2025
No Result
View All Result
DOLLAR BITCOIN
Shop
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet
DOLLAR BITCOIN
No Result
View All Result
Home Ethereum

$259.2M ETH hits exchanges – Another sign of Ethereum facing price pressure?

n70products by n70products
October 5, 2024
in Ethereum
0
$259.2M ETH hits exchanges – Another sign of Ethereum facing price pressure?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


  • Huge influx of ETH into exchanges as ICO proceed to promote
  • The Dencun improve has seen ETH lose some income going to L2s

Ethereum (ETH), the market’s second-largest cryptocurrency after Bitcoin (BTC), has been on the finish of accelerating promoting strain recently. Particularly as merchants transfer ETH to exchanges.

At press time, over 108,000 ETH, valued at roughly $259.2 million, had been despatched to exchanges inside a interval of simply 24 hours.

Such an inflow typically factors to a possible decline in ETH’s worth. This, as a result of larger provide, mixed with stagnant demand, tends to drive costs decrease.

GZBtWU4XwAAgCJeGZBtWU4XwAAgCJe

Supply: Ali/X

Moreover, an Ethereum Preliminary Coin Providing (ICO) participant has been steadily promoting ETH recently.

Just lately, they bought 6,000 ETH value $14.11 million, bringing the whole to 40,000 ETH bought since 22 September 2024. These gross sales have been made at a mean worth of $2,525.

Regardless of these transactions, the ICO participant nonetheless holds 99,500 ETH, valued at roughly $238 million, indicating potential promoting strain sooner or later.

GZDk15UaIAEvZFIGZDk15UaIAEvZFI

Supply: Lookonchain

ETH’s worth efficiency in comparison with different property

ETH has additionally been underperforming, in comparison with different risk-on property like Bitcoin and the S&P 500.

Whereas BTC has seen a slight decline of 0.32%, and the S&P 500 has seen a optimistic change of three.63%, ETH has dropped by a big 26% over the previous three months.

The entire charges on the Ethereum community have additionally declined by 43.9%, reaching $247.6 million. The drop in charges is contributing to Ethereum’s struggles. During the last quarter, on-chain exercise on Ethereum’s Mainnet decreased too.

unnamedunnamed

Supply: IntoTheBlock

The Affect of the Dencun improve

The Dencun improve has additionally performed a job in Ethereum’s underperformance. This replace, which included EIP 4844, diminished Layer 2 (L2) transaction prices by over 10x, leading to a growth in L2 exercise.

Consequently, ETH’s Mainnet charges have plummeted, reaching an all-time low. This has affected the quantity of ETH being burned, making the cryptocurrency inflationary once more after beforehand following a deflationary path.

unnamed

Supply: IntoTheBlock

The summer season lull and sideways buying and selling in conventional markets brought about on-chain charges to drop to multi-year lows. Decrease charges and fewer ETH being burned are much like an organization going through declining revenues and halting inventory buybacks. With these modifications, it’s not stunning that ETH’s worth has struggled.

Moreover, the long-term advantages ETH can seize from L2s’ miner extractable worth (MEV) are nonetheless unsure.

L2s’ Affect on ETH and Optimism’s rise

Lastly, Optimism (OP), one of many main Layer 2 networks on Ethereum, has seen its governance token outperform others.

In Q3, the OP/ETH pair rose by 28%, benefiting from higher on-chain exercise on L2s, which means it’s outperforming Ethereum.

Optimism’s rise, partly attributable to Coinbase’s Base L2 working on the Optimism Superchain, underlines the rising dominance of L2s. This continues to have an effect on Ethereum’s worth.

unnamed 1unnamed 1

Supply: IntoTheBlock

Subsequent: Bitcoin miners’ exit confirm $61K support – Why this is key for October’s rally



Source link

Tags: 259.2METHEthereumExchangesFacingHitspressurePriceSign
Previous Post

One Emerging Trend Could Give Solana an Edge Over Ethereum in the Battle for Layer-1 Dominance: Sygnum Bank

Next Post

Banking Giant Paying $4,700,000 To Victims of Billion-Dollar Market Manipulation Scheme: US Department of Justice

Next Post
Banking Giant Paying $4,700,000 To Victims of Billion-Dollar Market Manipulation Scheme: US Department of Justice

Banking Giant Paying $4,700,000 To Victims of Billion-Dollar Market Manipulation Scheme: US Department of Justice

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

XRP and Three Other Altcoins Could Witness Another Sell-Off Event, According to Crypto Strategist

XRP and Three Other Altcoins Could Witness Another Sell-Off Event, According to Crypto Strategist

April 2, 2025
Why Bitcoin And Crypto Will Not Recover Before US Equities Market: Expert

Analyst Says Bitcoin Price Might Be Gearing Up For Next Big Move — What To Know

April 20, 2025
Bitcoin Price Comeback: Can It Regain Ground?

Bitcoin Price Comeback: Can It Regain Ground?

December 26, 2024
XRP Price To $27? Top Analyst Unveils Key Technical Setup

XRP Price To $27? Top Analyst Unveils Key Technical Setup

June 6, 2025
Analytics Firm Reveals Why Dogecoin & Apecoin Hit Tops

Analytics Firm Reveals Why Dogecoin & Apecoin Hit Tops

October 24, 2024
BNB Price Recovery in Motion—Uphill Battle Ahead Near Crucial $600 Level

BNB Price Recovery in Motion—Uphill Battle Ahead Near Crucial $600 Level

April 11, 2025

Recent Posts

  • Trump’s AI Plan Eases Data Center Rules, Strips Federal DEI Guidelines
  • Buy a MacBook or iPad for school, get a free pair of AirPods – here’s how
  • Ethereum Price Stays Elevated—Bulls Eye Further Upside

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Blog
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • XRP

Recommended

Trump’s AI Plan Eases Data Center Rules, Strips Federal DEI Guidelines

Trump’s AI Plan Eases Data Center Rules, Strips Federal DEI Guidelines

July 24, 2025
Buy a MacBook or iPad for school, get a free pair of AirPods – here’s how

Buy a MacBook or iPad for school, get a free pair of AirPods – here’s how

July 24, 2025

© 2023 Dollar-Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet

© 2023 Dollar-Bitcoin | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
💵 Turn Every Dollar Into Crypto Rewards! Wirex lets you spend dollars or bitcoin — and get up to 8% back in crypto instantly. 💸 Exclusive offers dropping soon — stay tuned!
“Offers Launching Soon”
This is default text for notification bar
Learn more
Go to mobile version