ETH WILL PUMP SOON ?
Updated
Ethereum Gas Fees just hit 1 gwei and cost around $0.06 per transaction and takes less than 3 min! I don't believe my eyes any more! lets see why whales load more eth right now
The Grayscale Ethereum ETF aka ETHE had its first day without outflows and
ETHE stopped bleeding out for a day? We love that! but why does it matter?
Well First, it’s part of a broader trend , outflows of ETHE have been trending down pretty darn consistently ever since the ETF launched, indicating that the larger majority of ETHE sellers may have already exited.
(Less outflows + steady or increased inflows = more green days for
ETH and its ETFs)
Second, the ETHE outflows are outpacing that of GBTC (Grayscale’s
BTC ETF) in a good way! It took GBTC almost four months to see its first day of zero outflows but ETHE speed-ran it in three weeks
Third, ETH’s supply dynamics work a little differently to our old friend Bitcoin. ETH gets burned the more it's used, helping to not only keep the supply steady, but potentially reduce it over time
Plus ~40% of ETH is locked up in smart contracts, reducing circulating supply even further
ETF driven demand for ETH is trending up faster than previously expected, while the amount of newETH hitting the market each day is currently lower than BTC
These same ETF driven supply/demand dynamics lead Bitcoin to make history by reaching its new all time high before the halving and we may just be witnessing the same for ETH
Market vibes are down, but fund flows are up! Let’s dig in
*Global crypto funds saw net-inflows of $ 178M this week (means the whales load dip)
*Ethereum won the most hearts last week, netting +$ 156M
*Summer’s ending → shorts are out! Short Bitcoin ETPs (funds that bet against the growth of BTC) saw their largest outflows since May of last year.
Here’s who’s leading the buying:
*The US vacuumed up 90M worth of crypto
*Switzerland took a 20M nibble
*Brazil followed closely at 19M
So Here’re our biggest takeaways:
Every region saw inflows last week (that’s rare)! Which means that, while the market vibes were down, smart money got to buying
And withBTC only juuust flipping positive (+
13M), this put ETH (+155M) well and truly in the lead for weekly inflows!
Are you loading the dip now or you think we still in bull trap?
The Grayscale Ethereum ETF aka ETHE had its first day without outflows and
ETHE stopped bleeding out for a day? We love that! but why does it matter?
Well First, it’s part of a broader trend , outflows of ETHE have been trending down pretty darn consistently ever since the ETF launched, indicating that the larger majority of ETHE sellers may have already exited.
(Less outflows + steady or increased inflows = more green days for
ETH and its ETFs)Second, the ETHE outflows are outpacing that of GBTC (Grayscale’s
BTC ETF) in a good way! It took GBTC almost four months to see its first day of zero outflows but ETHE speed-ran it in three weeksThird, ETH’s supply dynamics work a little differently to our old friend Bitcoin. ETH gets burned the more it's used, helping to not only keep the supply steady, but potentially reduce it over time
Plus ~40% of ETH is locked up in smart contracts, reducing circulating supply even further
ETF driven demand for ETH is trending up faster than previously expected, while the amount of new
ETH hitting the market each day is currently lower than BTC These same ETF driven supply/demand dynamics lead Bitcoin to make history by reaching its new all time high before the halving and we may just be witnessing the same for ETH
Market vibes are down, but fund flows are up! Let’s dig in
*Global crypto funds saw net-inflows of $ 178M this week (means the whales load dip)
*Ethereum won the most hearts last week, netting +$ 156M
*Summer’s ending → shorts are out! Short Bitcoin ETPs (funds that bet against the growth of BTC) saw their largest outflows since May of last year.
Here’s who’s leading the buying:
*The US vacuumed up 90M worth of crypto
*Switzerland took a 20M nibble
*Brazil followed closely at 19M
So Here’re our biggest takeaways:
Every region saw inflows last week (that’s rare)! Which means that, while the market vibes were down, smart money got to buying
And with
BTC only juuust flipping positive (+13M), this put ETH (+155M) well and truly in the lead for weekly inflows! Are you loading the dip now or you think we still in bull trap?
Comment
Back on March 13th, Ethereum Improvement Proposal 4844 was implemented, increasing the scalability of L2s, while lowering fees for users.
Capacity expansion and lowered cost is obviously a positive thing for the Ethereum ecosystem, long term - but it comes with some teething issues
By increasing the supply of Ethereum’s main product (blockspace – aka: transaction capacity), L2’s can now offer near-zero transaction fees to their users, and increase their margins…by like, A LOT.
It’s pretty much a big flashing billboard, saying “COME BUILD ON ETHEREUM!
The rent paid by L2s to settle on Ethereum has dropped drastically – and in order for this fee revenue to recover, the Ethereum ecosystem needs to significantly grow its user base, which is exactly what’s happening.
L2 transactions were up 63% in Q2, while active users pumped 81%
Like the internet before it, Ethereum is having its broadband moment, the expanded capacity is laid (aka: cheap blockspace supply) now the demand just needs to catch up with supply, and drive Ethereum’s revenue back up.
It took years for the internet’s broadband capabilities to be fully leveraged – Youtube couldn't have existed when the internet was on dial up But once capacity opened up, the possibilities were endless.
Ethereum is having a similar moment sure, its revenue is down, but so long as the Eth ecosystem as a whole continues to grow, the ecosystem is alive, kicking, and brimming with opportunities
Trade active
Vitalik transferred 400 ETH (worth about 1.06m) to the new address: 0x18...F10E at 12:06 UTC+8 today. Vitalik transferred 1 ETH to 0x18...F10E yesterday, and then deposited 0.998 ETH into the mixer Railgun. Previously, Vitalik said that Railgun can effectively prevent malicious actors and protect user privacyTrade active
Ethereum co-founder Vitalik Buterin transferred 199.9 ETH to the multi-signature contract: 0xC3...b72f at 22:25 UTC+8 today, worth about 517k, suspected to be a donation to the ethOS (Ethereum Phone) project. ethOS claims to be the world's first Ethereum mobile operating systemTrade active
Vitalik Buterin transferred 800 ETH to a multi-signature wallet today, worth about $2.01 million, and then exchanged 190 ETH for 477,000 USDC. Vitalik said earlier that he had not sold ETH for personal gain since 2018, and almost always donated it to a charity or non-profit organization.Trade active
Since launch, the Ethereum ETFs are trading significantly less volume than the Bitcoin ETFs, well below the ETH/BTC CEX volume & market cap ratios.This is the result of several factors, not the least of which is that prime trading desks don't yet offer margin on the ETH ETFs.
To control for some of these factors, such as the lack of margin availability, we can compare the first 25 days of each set of products. The ratio of Ethereum ETF volume to Bitcoin ETF volume in the first 25 days has continued to decline.
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