Bitcoin
Bitcoin (BTC)
$85,742.00 4.91703
Bitcoin price
Ethereum
Ethereum (ETH)
$3,245.31 2.79232
Ethereum price
BNB
BNB (BNB)
$619.70 0.51589
BNB price
Solana
Solana (SOL)
$207.85 -3.82405
Solana price
XRP
XRP (XRP)
$0.643818 11.00214
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000254 -0.42143
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000127 5.59422
Pepe price
Bonk
Bonk (BONK)
$0.0000293 16.17679
Bonk price
dogwifhat
dogwifhat (WIF)
$2.88 -4.37657
dogwifhat price
Popcat
Popcat (POPCAT)
$1.52 -4.61119
Popcat price
Bitcoin
Bitcoin (BTC)
$85,742.00 4.91703
Bitcoin price
Ethereum
Ethereum (ETH)
$3,245.31 2.79232
Ethereum price
BNB
BNB (BNB)
$619.70 0.51589
BNB price
Solana
Solana (SOL)
$207.85 -3.82405
Solana price
XRP
XRP (XRP)
$0.643818 11.00214
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000254 -0.42143
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000127 5.59422
Pepe price
Bonk
Bonk (BONK)
$0.0000293 16.17679
Bonk price
dogwifhat
dogwifhat (WIF)
$2.88 -4.37657
dogwifhat price
Popcat
Popcat (POPCAT)
$1.52 -4.61119
Popcat price
Bitcoin
Bitcoin (BTC)
$85,742.00 4.91703
Bitcoin price
Ethereum
Ethereum (ETH)
$3,245.31 2.79232
Ethereum price
BNB
BNB (BNB)
$619.70 0.51589
BNB price
Solana
Solana (SOL)
$207.85 -3.82405
Solana price
XRP
XRP (XRP)
$0.643818 11.00214
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000254 -0.42143
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000127 5.59422
Pepe price
Bonk
Bonk (BONK)
$0.0000293 16.17679
Bonk price
dogwifhat
dogwifhat (WIF)
$2.88 -4.37657
dogwifhat price
Popcat
Popcat (POPCAT)
$1.52 -4.61119
Popcat price
Bitcoin
Bitcoin (BTC)
$85,742.00 4.91703
Bitcoin price
Ethereum
Ethereum (ETH)
$3,245.31 2.79232
Ethereum price
BNB
BNB (BNB)
$619.70 0.51589
BNB price
Solana
Solana (SOL)
$207.85 -3.82405
Solana price
XRP
XRP (XRP)
$0.643818 11.00214
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000254 -0.42143
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000127 5.59422
Pepe price
Bonk
Bonk (BONK)
$0.0000293 16.17679
Bonk price
dogwifhat
dogwifhat (WIF)
$2.88 -4.37657
dogwifhat price
Popcat
Popcat (POPCAT)
$1.52 -4.61119
Popcat price

Ethereum sees sell-offs amid drop in transaction volume

ethereum-sees-sell-offs-amid-drop-in-transaction-volume
Edited by
Markets
Ethereum sees sell-offs amid drop in transaction volume

Ethereum (ETH) faces a dual challenge as sustained whale sell-offs coincide with a drop in transaction volume despite a bullish trend of persistent development activity.

Behavior analytics resource Santiment called attention to these metrics in its latest insights on the current state of the Ethereum market.

While Ethereum maintains its grip above the $1,600 price level, these metrics suggest a mixed outlook. On-chain transaction and trading volumes have experienced significant declines since their peak last November.

Notably, Ethereum’s on-chain volume has plummeted to a current value of 4.77 billion. Similarly, transaction volume has dropped to a 9-month low of 333,990 ETH, translating to $566.48 million. This follows a recent decline in whale activity.

Santiment noted that this reduction in utility isn’t necessarily alarming, but it indicates waning trader interest during a period of uncertainty surrounding Ethereum’s valuation around the $1,650 mark.

Key players, notably large holders of 10 to 10,000 ETH, have contributed to this dynamic. Over the past four months, these holders have actively offloaded their assets, reversing their earlier accumulation trend. 

These sell-offs coincided with ETH’s recent one-year high of $2,120. As a result, market watchers have attributed the distribution campaign to a surge of profit-taking trades. These addresses only hold 26.91% of the total ETH supply at the reporting time.

However, this trend does not definitively suggest a decline in ETH’s prospects. Whales’ actions might not directly dictate price trajectories, Santiment says. 

Interestingly, Ethereum’s development team remains committed and active amid the profit-taking trades and declining investor interest, with ongoing improvements and innovation. Development activity on the network has been moderately high.

Ethereum sees sell-offs amid drop in transaction volume - 1
ETH price – Aug. 29 | Source: Trading View

Meanwhile, ETH holds above the $1,600 territory despite the distribution trend. Like the rest of the market, Ethereum has continued to trade within a range over the past week, with only a 1.25% drop. The asset is changing hands at $1,646 at the time of writing.