Ether holders are feeling increased pressure as recent market activity reveals. In the past week, a significant 312,183 ETH, valued at approximately $751 million, has been moved to exchanges.
This move suggests rising uncertainty among investors about the future of Ethereum.
Ether holders are facing increased pressure. In the past week alone, 312,183 $ETH (worth $751M) has been deposited to exchanges, signaling growing uncertainty among investors. pic.twitter.com/CjuldGcJ3j
— IntoTheBlock (@intotheblock) September 6, 2024
Since The Merge in September 2022, Ethereum has seen a notable drop of 44% against Bitcoin. The ETH/BTC ratio has fallen to 0.0425, its lowest level since April 2021. This decline reflects a broader trend of Ethereum lagging behind Bitcoin in terms of value and investor confidence.
#Ethereum is down 44% against #Bitcoin since The Merge in Sept 2022.
ETH/BTC is now at 0.0425, the lowest since April 2021. pic.twitter.com/ogPk0SqEmB
— CryptoQuant.com (@cryptoquant_com) September 6, 2024
Bitcoin and Ethereum Price Action To WatchÂ
Currently, Bitcoin is priced at $56,500, while Ethereum stands at $2,390. Looking at historical highs, Bitcoin reached a peak of $73,700, which is 30.4% higher than its current value. Meanwhile, Ethereum’s all-time high was $4,870, representing a 103.8% increase from its current price.
🤔 Do you anticipate Bitcoin and/or Ethereum make a new all-time high by the end of 2024?
Current Prices:
✔️Bitcoin $56.5K
✔️Ethereum $2.39KAll-Time High Prices:
âś…Bitcoin $73.7K (+30.4% Higher Than Current)
âś…Ethereum $4.87K (+103.8%) Higher Than Current)— Santiment (@santimentfeed) September 5, 2024
In addition to these price movements, September 5 saw significant net outflows in Ethereum-focused exchange-traded funds (ETFs). The total net outflow from Ethereum spot ETFs was $152,700. Among these, Grayscale’s ETHE experienced a substantial net outflow of $7.39 million in a single day. Conversely, Grayscale’s mini ETF ETH saw a net inflow of $7.24 million on the same day.
On September 5, the total net outflow of Ethereum spot ETF was $152,700. Grayscale ETF ETHE had a net outflow of $7.3895 million on a single day, and Grayscale mini ETF ETH had a net inflow of $7.2368 million on a single day. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 6, 2024
These trends highlight growing investor concerns and shifting market dynamics for Ethereum, as the cryptocurrency struggles to maintain its position in the competitive digital asset 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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