Ethereum’s profitability has declined to 66%, reaching levels not seen since October 2023.
This dip comes as the market navigates a complex landscape marked by mixed technical signals and ongoing challenges within the decentralized finance (DeFi) sector.
🔸 #Ethereum profitability falls to 66%, mirroring Oct 2023 levels.
🔸 RSI and MACD show mixed signals as #DeFi contends with rising economic exploits.
Know more 👉🔗https://t.co/FZUcnYdeZA@intotheblock $ETH #CryptoNews
— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) August 13, 2024
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are currently providing conflicting signals, reflecting the uncertainty in Ethereum’s price action. At the same time, the DeFi space continues to grapple with a surge in economic exploits, adding further strain to the market.
In a surprising turn of events, a whale who was liquidated for 2,890 wstETH (worth $8.06 million) during the August 5 market crash has re-entered the market with a long position on Ethereum. Since August 11, this investor has borrowed 6.6 million DAI, 2.7 million USDT, and 2.5 million USDC to purchase 4,459 ETH (valued at $11.8 million) at an average price of $2,646.
A whale who was liquidated for 2,890 wstETH($8.06M) during the market crash on Aug 5 is back to buying and going long $ETH again!
He has borrowed 6.6M $DAI, 2.7M USDT and 2.5M $USDC to buy 4,459 $ETH($11.8M) at $2,646 since Aug 11.
Address:… pic.twitter.com/5bCmZNpkyc
— Lookonchain (@lookonchain) August 13, 2024
Ethereum Network Remains Unbeaten With Over 400k Developer Commits
Despite the recent downturn, Ethereum’s market value has fallen to $305.8 billion. However, the network remains a powerhouse in blockchain innovation, ranking second globally with 418,726 developer commits. This consistent development activity underscores Ethereum’s position at the forefront of blockchain technology, as the network continues to be actively maintained and improved.
Kripto Para Dünyasında Gelişmeler: #Ethereum, #Bitcoin ve Diğerlerinin Güncel Durumu
Kripto para dünyasında sürekli olarak değişen dinamikler, yatırımcılar ve geliştiriciler için büyük bir öneme sahip. Ağustos 2024 itibarıyla bazı önemli veriler, önde gelen kripto paraların… pic.twitter.com/AalpN15wcP
— Baykuş (@KriptoBaykusV2) August 13, 2024
As of August 12, the cumulative net inflow for Ethereum spot ETFs reached $4.93 million. Grayscale recorded no inflows or outflows, while Fidelity’s FETH ETF experienced a one-day net inflow of $3.98 million, and Bitwise’s ETHW ETF saw a single-day net inflow of $2.86 million.
🚨 UPDATE: As of August 12, the cumulative net inflow for #Ethereum spot #ETFs amounted to $4.9327 million. #Grayscale recorded zero inflow and outflow, while #Fidelity's #ETF #FETH experienced a one-day net inflow of $3.9831 million, and #Bitwise's $ETF #ETHW saw a single-day… pic.twitter.com/goiKAfFrtB
— CoinEcho (@mycoinecho) August 13, 2024
These movements highlight the ongoing confidence in Ethereum’s long-term potential, even as the market faces short-term fluctuations.
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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