According to the cryptanalyst Ali Martinez, the number of unique ETH addresses that are active on the Ethereum network as senders or receivers is increasing. He adds that Ethereum registered over 600,000 active addresses on July 25, according to Glassnode.
Number of unique $ETH addresses that are active in #Ethereum the network either as a sender or as a receiver is lifted. @glass knot registered more than 600,000 active #ETH addresses July 25th. pic.twitter.com/VZxCVJGWsY
— Ali Martinez (@ali_charts) July 26, 2022
According to the Ethereum Glassnode active address chart posted with the tweet, there were 604,888 unique addresses active on the network over the past 24 hours. Rising daily active addresses indicate an increase in blockchain usage, which can be an effective way to monitor network activity over time.
As a result, this particular metric is often a leading indicator of price action, as increased network usage can increase demand for a native blockchain token. The last use of the network has not yet been reflected in the price of ETH, which was most affected by the current sell-off in the market.
At press time, ETH was trading at $1,392, down 9.22% over the past 24 hours. Ethereum has also reversed its weekly gains, falling 10.70% over the past week.
As the price plunged, tracked Ethereum futures were liquidated by $104 million in the last 24 hours.
Ethereum investment products have recorded an influx
Latest data from Stock shows that Ethereum received an inflow of $8 million last week, but the adjusted higher weekly data shows that Ethereum received an inflow of $120 million. Since June 2021, last week’s inflow was the highest in a week. It could also mean a change in sentiment after the recent 11-week outflow. It also shows that investor confidence is gradually rising as the Merge update nears completion.
Overall, investments in digital assets reached $30 million last week. However, due to late trading reports from the previous week, inflows have been adjusted from $12 million to $343 million, making this week the biggest inflow since November 2021, Coinshares notes.
Credit : u.today