Ethereum has reached a four-month peak in network growth, with 126,210 new wallets created on a traditionally quiet Sunday.
This surge suggests rising network utility and hints at potential price rebounds from the $2,200-$2,300 range.
Ethereum has just hit a 4-month high in network growth, on a day (Sunday) that is traditionally the least active of the week. 126,210 new wallets created is indicative of rising network utility and anticipated price bounces from the $2,200-$2,300 level. pic.twitter.com/zQaKbBdznK
— Santiment (@santimentfeed) September 9, 2024
However, the network’s positive signs are tempered by a significant negative net flow exceeding 40,000 ETH on derivative exchanges. This outflow indicates a reduction in selling pressure, as more ETH is withdrawn from these platforms.
Negative netflow exceeding 40,000 $ETH on derivative exchanges
“Indicates that more ETH is being withdrawn from Derivative Exchanges, which might suggest reduced selling pressure.” – By @3AMRTAHA_
Full post https://t.co/5v0PWwq9Mw pic.twitter.com/MrE4zRNQro
— CryptoQuant.com (@cryptoquant_com) September 9, 2024
Notably, Ethereum whales have ceased accumulating ETH since early July, shifting instead to selling or redistributing their holdings.
#Ethereum whales stopped accumulating $ETH in early July. Since then, they’ve been selling or redistributing their #ETH holdings. pic.twitter.com/ySmQLL7JCD
— Ali (@ali_charts) September 8, 2024
A multi-signature wallet that recently received 3,800 ETH ($9.99 million) from Vitalik Buterin has been actively selling. The wallet has offloaded 760 ETH for 1.835 million USDC, with the latest transaction occurring just 21 hours ago.
The multi-signature wallet that got $ETH from @VitalikButerin is on a selling streak!
After receiving 3,800 $ETH ($9.99M) from Vitalik on Aug 9 and 30, it’s been cashing out, selling 760 $ETH for 1.835M $USDC at ~$2,414 per ETH. The latest sale happened just 21 hours ago.… pic.twitter.com/ELcjpPSg4K
— Spot On Chain (@spotonchain) September 9, 2024
Ethereum Foundation Continues Liquidating Its ETH Holdings
Following Vitalik’s moves, the Ethereum Foundation has also been liquidating its ETH holdings. In a recent transaction, the foundation sold 450 ETH for 1.029 million DAI, bringing their total sales to 550 ETH ($1.28 million) over the past four days, at an average price of $2,324.
After Vitalik, the Ethereum Foundation is the next to sell $ETH!
Just 10 minutes ago, the #EthereumFoundation sold 450 $ETH for 1.029M $DAI.
In total, they’ve sold 550 $ETH ($1.28M) at an average price of $2,324 in the past 4 days.
Follow @spotonchain for more updates… https://t.co/d2bP0WLo9C pic.twitter.com/cjgFvMeOvw
— Spot On Chain (@spotonchain) September 9, 2024
Adding to the selling pressure, Ethereum spot ETFs experienced a net outflow of $91.04 million last week, with Grayscale’s ETHE ETF alone seeing a net outflow of $111 million. This ongoing trend of large-scale ETH sales and ETF outflows underscores a complex market dynamic, balancing network growth with substantial selling activity.
Last week (September 3 to September 6, US Eastern Time), the Ethereum spot ETF had a net outflow of US$91.04 million last week. Grayscale ETF ETHE had a net outflow of US$111 million.https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 9, 2024
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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