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NullTx 2024-12-11 08:40:35

Ethereum Accumulation Shows Patterns Similar To Bitcoin Amid Cycle Weakness

Ethereum’s balance on accumulation addresses has reached 19.5 million ETH, valued at approximately $78 billion. While Bitcoin accumulation addresses hold 2.8 million BTC worth around $280 billion, Ethereum’s balance is four times smaller in USD terms, which reflects its market cap being roughly a quarter of Bitcoin’s. ETH: Balance on Accumulation Addresses showing a similar pattern as BTC ETH Balance on Accumulation Addresses – 19.5m ~ $78B BTC Balance on Accumulation Addresses – 2.8m ~ $280B Bitcoin Accumulation Addresses hold 4x more USD than Ethereum, but remember, Ethereum's market… pic.twitter.com/5ErfpHurEn — CryptoQuant.com (@cryptoquant_com) December 10, 2024 Despite Ethereum’s smaller market cap, its Ethereum ETF has experienced consistent inflows in recent months, showing strong buying pressure. Significant spikes in ETF inflows occurred on November 11 ($1.1 billion), November 21 ($754 million), November 25 ($629 million), November 27 ($883 million), and December 4 ($839 million). These inflows indicate ongoing demand for Ethereum, but it is still underperforming compared to Bitcoin in this cycle. Ethereum spot ETF had a total net inflow of $150 million on December 9, and continued to have net inflows for 11 consecutive days. BlackRock ETF ETHA had a single-day net inflow of $155 million, and Fidelity ETF FETH had a single-day net inflow of $30.1118 million.… pic.twitter.com/n51KyUu2zu — Wu Blockchain (@WuBlockchain) December 10, 2024 Bitcoin And Ethereum Price Action To Monitor In the 2021 bull run, Bitcoin hit its all-time high (ATH) on March 13, 2021, rising 480%, while Ethereum’s peak came later on May 12, 2021, with a 1,114% increase. However, in the current market cycle, Ethereum has lagged behind Bitcoin, suggesting a shift in market dynamics. Ethereum’s taker volume is at a record low, which is a bearish signal. Currently, taker-seller volume stands at -400 million, indicating a period of aggressive selling. This mirrors the pattern seen before Ethereum’s peak in May 2021. Despite the weakness, there may still be growth potential in the coming months. In a related development, the Ethereum Foundation recently sold 100 ETH for 374,334 DAI, bringing its total ETH sales for 2024 to 4,366 ETH, valued at $12.21 million. The ETH price dropped approximately 4% today, reflecting broader market weakness. Meanwhile, Ethereum’s spot ETF saw $150 million in net inflows on December 9, marking the 11th consecutive day of positive inflows. The Ethereum Foundation just sold 100 $ETH for 374,334 $DAI ~10 minutes ago. This brought their total ETH sale in 2024 to 4,366 $ETH for $12.21M at an average price of $2,796. The $ETH price dropped ~4% today as the market crashed. Stay updated on the #EthereumFoundation 's… https://t.co/yHKEjK9o1L pic.twitter.com/tKA9vY69zo — Spot On Chain (@spotonchain) December 10, 2024 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 @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: moxumbic/ 123RF // Image Effects by Colorcinch

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