Ethereum continues to be sluggish. In addition to the coin price hitting a low point in the past six months, the network fee on the chain has also plummeted to a three-year low. Perhaps due to the lack of good news, a whale that has been dormant on the chain for three years deposited 4,500 ETH to Binance this morning...
The price of Bitcoin (BTC) continues to fluctuate around US$27,000, while Ethereum (ETH) shows an even more sluggish trend, falling to US$1,521 on Thursday (12th), hitting a low in nearly half a year.
If it is more obvious from the "Ethereum/Bitcoin" trading pair, ETH has continued to fluctuate downwards since June. The current ratio has reached 0.05779, setting a new low since July 2022.
Ethereum network fees plummet to three-year low
It is not difficult to see from the price trend that the activity on the Ethereum chain is also sluggish. According to data from IntoTheBlock, the network fee revenue of the Ethereum blockchain fell to its lowest level since April 2020, down 90% from the high point during the meme currency craze in May this year. (Public account; Pepe Stud)
The data also shows that over the past 30 days, due to low blockchain activity, the ETH token supply has turned "inflationary," with the supply increasing by 33,500 ETH, worth approximately $52 million.
Regarding the decline in network fees, Lucas Outumuro, head of research at IntoTheBlock, said:
The decline in network fees is testing ETH's "super-sound money" theory. As speculation dries up and users continue to migrate to L2, network fee revenue is likely to remain at a low level.
Dencun upgrade may not be carried out until next year
The bad news for Ethereum is not just that. The latest Ethereum Core Developer Executive Meeting (ACDE) was held on the 12th. This meeting discussed the latest progress of Dencun testing and a thorough update of the EVM Object Format (EOF). , L1/L2 compatibility, priority for next upgrade...etc.
But it should be noted that Ethereum core developer Tim Beiko said in a meeting last month that if Dencun cannot be launched on the public testnet before the Ethereum Developer Conference in November 2023, then the Dencun mainnet upgrade will most likely not be able to take place this year.
A whale that has been dormant for 3 years deposits thousands of ETH to Binance
Perhaps due to the lack of good news, according to Spot On Chain monitoring data this morning (14), whale 0x88e began depositing 4,500 ETH (approximately $6.94 million) to Binance 16 hours ago at an average price of $1,542. .
It is worth mentioning that the whale spent US$2.89 million from Bitfinex in June 2020 to accumulate more than 11,904 ETH, with an average price of only US$243. Currently, he still holds 7,404 ETH (about 11.5 million U.S. dollars). It is expected that if all are sold, he can make a profit of nearly 15.56 million U.S. dollars in this transaction, with a return rate of about 538%.
On the other hand, Bloomberg analyst James Seyffart said on the Trading began on Monday) under the stock symbol SETH.
