What are users doing with their Ethereum?
We are in September already, the clock is ticking, and the much-awaited Merge is on the cards for Ethereum. At press time, ETH was already up 2.2% daily and was trading at $1585. Quite a few exciting trends were shaping up on Friday, and most hinted toward a sustained rise.
Ethereum-centric trends in play
The mean transaction volume of Ethereum transactions reached a monthly high on Friday, suggesting that participants are actively engaging with ETH. Now, transactions can either be on the buy or sell sides. So peeking into the bifurcation will clarify which side the bias pendulum is inclined towards.
The number of sending addresses associated with Ethereum had been dipping over the past few days, and on Friday, it reached a 1-month low of 2.43k. Sending addresses usually resonates with sellers, while receiving addresses is associated with buyers. So, the current drop in the number of sending addresses suggests that the selling hype is fizzling out. So, does it mean that buyers are indeed stepping up?
Likely so. Ethereum’s exchange outflow volume reached a 1-month high of 16.3k ETH on Friday. Flows out of exchanges more or less indicate bubbling buying pressure, and the consistent rise of the said metric likely suggests that market participants are buying Ethereum now and expect The Merge event to pull up the asset’s price.
Tron’s Justin Sun was among the many who had jumped onto the buy-hype. Sun added 5,633.05 ETH on Monday and 14,999.87 ETH from the Poloniex today.
Confirming the same, Chinese Journalist Colin Wu tweeted,
“The address 0x17…a132 marked by Nansen as Justin Sun has recently transferred more than 20,000 ETH, and currently this address ( 0x17…a132 ) holds a total of 277,000 ETH worth $437 million.”
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