The 2nd week of October did not have a lot good information, even so Coinlive invites readers to see details on pending ETH transactions and some indicators connected to this ecosystem.
Outstanding on-chain occasions final week (October 9 – October 14)
one. Information about the Ethereum network
The exercise of the Ethereum network is reducing far more and far more, the volume of costs utilised is not a lot, triggering the Ethereum network to develop into inflationary yet again. After The Merge, Ethereum switched to Proof-of-Stake to decrease the amount of new tokens developed by 90% in contrast to the outdated mechanism, mixed with EIP-1559The transaction charge coin burn up mechanism has been implemented by Ethereum considering the fact that August 2021.
The network hit deflation for the 1st time on November 9th when trading demand greater due to the collapse of FTX.
Comparing the provide development of Ethereum Proof-of-Work (dotted line), Bitcoin (orange line), and Ethereum Proof-of-Stake (blue line). Screenshot of Ultrasound.revenue at twelve.30pm on October 13, 2023
However, just lately, the new provide of ETH greater appreciably yet again when in thirty days the provide of ETH greater by far more than 32,000 ETH.
thirty-day ETH provide transform. Photo taken on October 13th. Source: Ultrasound.revenue
This is due to a notable lessen in exercise on the Ethereum network. This can be demonstrated by Glassnode information and other on-chain platforms. In specific:
The amount of ETH transfers calculated on a seven-day common reached the lowest degree in a month with just 19,658 transactions.
seven-day common ETH transfers. Source: Glassnode
Trading NFTs and DeFi on the ecosystem is practically exhausting. The amount of lively addresses (seven-day common) reached a one particular-month lower of 25,164 wallets. This amount is even reduce than that of the similar time period in September.
Average amount of lively wallets every single seven days. Source: Glassnode
According to statistics from Token Terminal, when you examine information on intelligent contract addresses and EOA wallets trending in the ecosystem, most of the addresses are MEV Bot.
Trending Contracts on Ethereum. Source: Token Terminal
Ethereum fuel costs have just lately dropped appreciably, averaging approx 7GWEIonly .24 USD, there are quite a few moments through the day when the base charge degree drops beneath five. According to Glassnode, the common complete commission paid in seven days has reached the lowest degree in one 12 months even when it is was only collected 63.four ETH. The common fuel price tag (seven-day common) is just equivalent ten.9 GWEI, This is explained to be the lowest considering the fact that the starting of the 12 months so far.
Average fuel price tag for seven days. Source: Glassnode
As for fuel expenditures, Scopescan information also showed on October eleven that amid the prime ten addresses that spend the most for fuel, the vast majority have been Layertwo this kind of as Base, Linea and zkSync Era. Furthermore, the massive amount of fuel consumed is also due to the presence of these Layertwo.
Top people and people of fuel in 24 hrs on October eleven. Source: Scopescan
Not only that, in accordance to Utrasound.revenue, there have been far more in the final thirty days 38,360 ETH in costs Transactions are burned, mainly from ETH and USDT stablecoin transfers, Uniswap DEXs, and Layer two exchanges like zkSync Era, Base….
The undertaking burned the most ETH in thirty days, information mentioned on October 13. Source: Ultrasound.revenue
Overall, the data presented a preliminary picture of the Ethereum ecosystem recently no longer attracting as much activity as before. Will this issue affect the trading activities of large funds? Next, let’s take a look at some pending transactions related to ETH.
2. ETH on chain
2.1. Justin Sun continually deposits and withdraws ETH
Starting October 4, Justin Sun (vs 0xBCb) perform the unstake 80,251 ETH ($132 million) from the Lido. This wallet then transfers everything to Binance. Does the cooperative owner have negative information related to ETH, so did he transfer the assets to the exchange?
Trade and sell ETH on Binance. Source: Arkham Intelligence
This amount of ETH is then stored in the wallet 0x9FC Withdraw from Binance and bring the stake back to LIDO. The 0x9FC wallet is known as a cooperative exchange related wallet. So Justin Sun is not selling ETH as we initially thought.
Transaction to deposit ETH at the Lido. Source: Arkham Intelligence
2.2. Vitalik and ETH Foundation sell ETH respectively
On October 7, Vitalik continued to move 1,000 ETH for wallet 0x556. In fact, the 0x556 wallet is a wallet that specializes in receiving assets from Vitalik and transferring them to CEX exchanges.
ETH transfer for 0x556. Source: Arkham Intelligence
So in the last two months Vitalik has almost sold 6,000 ETH for wallet 0x556 AND Bitstamp. Among these, yes 4,700 ETH is moved upwards Bitstamp and Paxos.
The transaction transfers ETH to the exchange. Source: Arkham Intelligence
However, Vitalik’s sale of ETH did not have much effect on the price until the wallet information was released The ETH Foundation carries out the sale of 1,700 ETH through Uniswap to withdraw two.74 million US bucks at a price tag $one,611 at a delicate minute when the network is progressively getting to be inflationary. Since the starting of the 12 months, the ETH Foundation has offered all round two,262 ETH with an common price tag of $one,609.
ETH promote transaction. Source: DeBank
Immediately right after the information, the price tag of ETH was decreased by far more than two% up to one,586, exceeding the threshold of one,600-one,700 bucks. Currently, the price tag of ETH has returned to USD one,551.
According to information from EigenPhi, when the Ethereum Foundation offered ETH on Uniswap, the basis encountered a Sandwich assault by MEV Bot: 0x00…6B40 and was he misplaced $9,101. After deducting expenditures, MEV Bot earned a revenue of $four,060.
two.three. The one-inch investment fund continues to retain the common price tag of ETH
Although there has been a good deal of detrimental details about Ethereum routines just lately, the one-inch investment fund continues to invest in stETH in the price tag assortment. 1551 USD. Fund utilised two.five million US bucks invest in one,609 stETH. As I summarized in the week 36 on-chain short article, considering the fact that August 28, 1inch Fund has obtained a complete of 9,164 ETH (around $15 million).
Some stETH purchases. Source: Etherscan
two.four. Whales are promoting ETH
A massive whale with a wallet deal with 0x88E delivered four,500 ETH on Binance for an common price tag of USD one,542 on October 13, so whales will earn around six.85 million bucks.
By checking the wallet transaction historical past, you can see that it is connected to 0x88E 0xc1a acquired a massive volume of ETH from this wallet ten months in the past.
ETH transfer transaction from wallet 0xc1a. Source: Arkham Intelligence
According to Spot On Chain, wallet 0xc1a obtained ETH from Bitfinex 3 many years in the past for a complete price of $two.89 millionthe common invest in price tag is approx $242. As of this minute, the whale has an estimated revenue of approx $15.56 million (+535%) of the ETH.
After that, the wallet was not incredibly lively until finally ten months in the past in December 2022, wallet 0xc1a commenced transferring ETH to wallet 0x88E. Since then no trading exercise occurred until finally October 13th, wallet 0x88E transferred ETH to Binance.
Buy ETH from Bitfinex. Source: Arkham Intelligence
Currently, 0x88E is even now stored in the wallet seven,404 ETH ($eleven.five million).
Wallet wallet 0x88E. Source: Arkham Intelligence
Coinlive compiled
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