The gap between Ethereum’s top-10 exchange addresses, against its top 10 non-exchange addresses has hit a new ATH. This is according to data from on-chain analytics platform Saintment.
What does this mean for Ethereum?
This climb continues pointing to a greater proportion being kept away from exchange sell-off risk.
Saintment noted. The data surfaces shortly after balances on Ethereum exchanges hit the lowest levels since July 2018. Meanwhile, Ether’s price has taken a hit, after recording a notable surge in price. During the first weeks of April, Ethereum (Ether), hit a new high of $3,573.
Ether bulls were able to a us gain momentum above $3,500 for a short period, before the price decline, that has sent the asset to its press time price of $3,182. Ether’s 7-days consecutive losses are over 9%.
Market remains largely bullish for Ethereum (ETH)
Despite Ether’s downward price movement, market ok at Wes are vs full largely bullish for Ethereum. The collective sentiment amongst Ether proponents is that the upcoming Ethereum merge, which is scheduled for the second quarter of 2022, will trigger Ether bulls.
The Ethereum merge will see the network go from a Proof-of-work model, to a proof-of-stake model. With the merge comes a decline in Ethereu’s supply. Ethereum mining will also become a thing of the past.
Billionaire Mark Cuban, a well-known Ethereum proponent, has recently expressed that he’s especially looking forward to less Ethereum insurance, as well as how much of a deflationary asset Ether will become.
Popular Cryptocontent creator and investor Ben Armstrong, also highlighted the significance of the merge.
We may range for a couple more months but make no mistake, our final stand is the ETH Merge. If that isn’t enough to gain bullish momentum then 2022 could get ugly he said, in a recent tweet.