Ethereum’s network has seen a surge in activity recently, with fee levels rising alongside the increased demand. Despite the uptick in fees, the Ethereum community appears unconcerned, as the asset has rallied by 15.6% since September 15th.
Users seem willing to pay higher transaction fees, banking on Ethereum’s continued upward momentum as the #2 cryptocurrency.
💸 Ethereum's network activity has picked up, and so has its fee levels. That said, the crowd isn't too sensitive about paying a bit more per transfer while the #2 asset in crypto is on a +15.6% rally since September 15th. Read our quick analysis! 👇 https://t.co/jbmyR34lyD
— Santiment (@santimentfeed) September 27, 2024
Adding to the excitement, an early ICO participant who had remained inactive for over two years has suddenly moved 12,010 ETH (worth $31.6M) to Kraken in the past four days.
This particular investor initially received 150,000 ETH during Ethereum’s ICO, with an initial cost of just $46.5K. That same amount is now worth a staggering $394.5M at current prices, showcasing the massive returns long-term holders have reaped.
An #Ethereum ICO participant deposited 12,010 $ETH($31.6M) to #Kraken in the past 4 days after being dormant for over 2 years!
The participant received 150,000 $ETH(ICO cost was $46.5K, now worth $394.5M) at #GENESIS.https://t.co/kmnmEbbwMY pic.twitter.com/rvVKwSHMAb
— Lookonchain (@lookonchain) September 27, 2024
Ethereum ETF Records Massive Net Outflow
Meanwhile, Ethereum ETFs have been active in the market. On September 26, the total net outflow for Ethereum spot ETFs reached $675,500. Grayscale’s ETF, ETHE, experienced a substantial outflow of $36M, while Fidelity’s FETH saw an inflow of $15.9M, and BlackRock’s ETHA ETF reported a $14.8M inflow.
On September 26, the total net outflow of Ethereum spot ETF was $675,500. Grayscale ETF ETHE had an outflow of $36,021,700, Fidelity ETF FETH had an inflow of $15,918,800, and BlackRock ETF ETHA had an inflow of $14,854,100. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 27, 2024
As Ethereum’s price and network activity rise, market participants continue to watch closely, weighing the potential for further gains against increasing transaction costs.
The recent large movements from early investors and notable activity in Ethereum ETFs add another layer of intrigue to the asset’s near-term trajectory. Whether Ethereum continues its rally or experiences some resistance, its position remains strong in the broader cryptocurrency market.
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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