The number of daily active addresses on Ethereum and its leading Layer 2 solutions has skyrocketed by 127% this year.
This significant increase reflects the growing user base, as the metric tracks the number of unique addresses interacting with the network.
Daily active addresses on #Ethereum and leading L2s have increased by 127% this year. This metric measures the number of distinct addresses interacting with the chain, indicating user base growth.
More insights from our report with @CoinbaseInsto → https://t.co/X6fZdScUbq pic.twitter.com/xg5WGaxUiX
— glassnode (@glassnode) August 1, 2024
In a notable move, Ethereum whales have accumulated over 126,000 $ETH in the last 48 hours, equating to approximately $440 million. This surge in accumulation suggests strong confidence in Ethereum’s potential.
Ethereum whales have accumulated over 126,000 $ETH in the last 48 hours, worth approximately $440 million! pic.twitter.com/hwHU0fAcdc
— Ali (@ali_charts) July 31, 2024
Ethereum Spot ETFs Recorded Net Outflow Of $77 Million On July 31
However, the Ethereum spot ETF experienced a net outflow of $77.2111 million on July 31. Similarly, Grayscale’s ETF ETHE saw an outflow of $133 million. Contrarily, Grayscale’s mini ETF ETH reported an inflow of $19.5351 million. Despite these mixed movements, the total net asset value of the Ethereum spot ETF stood at $9.078 billion, representing 2.34% of Ethereum’s total market value.
Ethereum spot ETF had a net outflow of $77.2111 million on July 31, Grayscale ETF ETHE had an outflow of $133 million, Grayscale mini ETF ETH had an inflow of $19.5351 million, and the total net asset value of Ethereum spot ETF was $9.078 billion, accounting for 2.34% of the… pic.twitter.com/LbLW91AIJO
— Wu Blockchain (@WuBlockchain) August 1, 2024
These trends highlight the dynamic nature of Ethereum’s market, with increased activity and significant whale accumulation juxtaposed against varied ETF flows. The overall outlook remains positive as the network continues to grow and attract substantial investment.
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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