News

Ethereum’s Network Activity And Fee Surge Amid 15.6% Rally

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.

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.

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.

Related Post

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

25 mins ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

7 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

17 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago