Crypto investors have seen it all during 2022’s market downturn. Even with the latest bounce back, exchange balances maintained surges as the leading non-exchange holdings declined. Nevertheless, bears ruled the first of the year.
Piling Up
As mentioned above, 2022 1st half wasn’t friendly to the crypto market. Similar to other digital tokens, Ethereum witnesses a surge in exchange supply.
Data from Santiment shows investors have been dumping their assets to top exchanges amidst the 2022 slump. Santiment’s update also highlighted the exchange-non-exchange ratio of leading addresses that closed to 1-year lows.
Nevertheless, the latest actions have seen sentiment change as exchange inflows start to reveal positive signals. According to Glassnode, 7d MA EIV (Exchange Inflow Volume) hit 1-month lows at 10.187 ETH. The previous low appeared on August 2 at 10,281 Ether.
The shifting trends in the market are starting to highlight side-effects on different metrics. Another update by Santiment suggested that ETH’s gas fees stayed ‘ultra-low.’ That follows the dramatic price surge since mid-June.
That shows investor hope in Ethereum has not been massive despite the latest price upticks. Nevertheless, ETH’s average fees might explode until substantial FOMO emerges from the community.
NVT ratio is another index that reflected a notable shift over the last few days. Glassnode’s data shows NVT ration, 7d moving average, hit a one-month peak at 2,677.2 on August 3. That comes after the latest price improvements.
The recent upturn represents a boost for the ETH investors as they await the Merge come September. Also, ETH has presented swift growth in July and stretched into August.
While publishing this post, Ethereum traded at $1,628 following a 0.56% drop within the previous 24 hours (Coinmarketcap data).
The crypto market printed mixed actions within the past 24hrs, with some assets recording brief slumps while others maintain healthy uptrends on the day. For instance, BTC dropped 1.12% over the past day to $22,944 while BNB gained 4.80% during the timeframe.
Nevertheless, the crypto space remains weak and primed for declines. Watching upcoming trends remain crucial for crypto fans. Stay around for the latest developments in the cryptocurrency world.