In the past 24 hours, several on-chain milestones for Ethereum (ETH) have been recorded, according to blockchain analytics firm glassnode alerts. In a series of tweets, the firm shared three key on-chain milestones for the Ethereum network that were recently reached, demonstrating the increasing usage and adoption of the platform.
The first milestone is the amount of ETH supply last active 1w-1m (1d MA) just reached a 3-month low. According to glassnode alerts, the total amount stood at $6,286,324.517 ETH. This is a significant decrease from the previous 3-month low of 6,287,315.302 ETH, which was observed on May 13, 2023. The reduction in supply last active could point to several factors such as increased holding among long-term investors or reduced selling pressure by traders.
The second milestone shared by glassnode alerts is the number of ETH addresses in loss (7d MA) recently reaching a 1-month high of 33,949,357.214. This data indicates that more addresses are holding ETH at a loss, potentially as a result of the recent market downturn in the broader cryptocurrency market. Despite this, the growing number of addresses holding ETH can also point to increasing use and adoption of the Ethereum network. The previous 1-month high of 33,921,082.321 was observed on May 13, 2023.
The third and final milestone highlighted by glassnode alerts is the exchange inflow (7d MA) for ETH dropping to a 1-month low of $17,212,337.35. Furthermore, the previous 1-month low of $17,237,870.52 was observed on April 14, 2023. This decrease in exchange inflow may be a bullish sign as it implies investors and traders have gradually stopped selling their ETH holdings over the past two months. Reduced selling pressure can contribute to price stability for ETH and potentially lead to an uptrend if demand continues to increase.
At the time of writing, CoinMarketCap indicates that ETH’s price stands at $1,809.94, after printing a 0.57% gain over the previous 24 hours. Despite the recent positive price movement, ETH’s weekly performance remains in the red, down by 5.08%. However, ETH was also able to strengthen by 0.08% against the market leader Bitcoin (BTC) during this period.
Though these milestones provide a snapshot of Ethereum’s current on-chain activity and the broader cryptocurrency market conditions, readers should remember that market conditions can change rapidly. Thus, one must conduct their research and due diligence before making any decisions based on this information. Any action taken by the reader is strictly at their own risk, and Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, the recent on-chain milestones reached by Ethereum provide insight into the growing usage and adoption of the platform. The decreasing amount of active supply, coupled with the reduced exchange inflow, may signify reduced selling pressure and an increased commitment by long-term holders of ETH. Additionally, the increasing number of addresses holding ETH, albeit in loss, demonstrates the expansion of Ethereum’s user base. As Ethereum continues to develop and expand its offerings, such as the upcoming Ethereum 2.0 upgrade, it will be important to monitor these and other on-chain metrics to understand the platform’s health and long-term potential.
