Hopeful but cautious: Ethereum's on-chain analysis

Quick takeaways:

  • Ethereum’s latest on-chain activity - much like the market itself - features a mish-mash of hopeful and cautious signals alike.
  • Assets covered: ETH
  • Metrics used: Daily deposits, supply on exchanges, network profit/loss, social sentiment, miner balances, top non-exchange addresses, holder distribution, dormant circulation, mean coin age, spent coin cost

Despite the market-wide lull, Ethereum’s fundamentals have been flashing a number of notable signals, including the coin’s exchange-bound activity, FUD levels and key stakeholder behavior.

Let’s explore!

ETH’s exchange data cautiously optimistic

Ethereum’s daily deposits (addresses used to funnel ETH to exchanges) have continued to shrink since the September 1st top, charting progressively lower highs along the way. A total of 25827 daily deposits have been recorded in the past 24 hours, marking a -53% decline from the September 1st peak:

ETH, daily deposits, last 6 months (Source: Sanbase)

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