Ethereum (ETH) has experienced a series of corrections in the last few weeks, following a rally over the past few months. <\/p>\n
According to a recent report by Santiment, investors are actively depositing ETH to various crypto exchanges, and this activity has reached its highest level in the past eight months.\u00a0<\/p>\n
While this trend may suggest a growing interest in the cryptocurrency, it also indicates that the price of ETH may experience surging volatility in the near future. <\/p>\n
As more investors deposit their ETH into exchanges, this influx of supply may impact the demand and cause fluctuations in the market.\u00a0<\/p>\n
In other words, the surge in active ETH deposits may be a harbinger of potential price turbulence, which could impact investors\u2019 portfolios.<\/p>\n
Santiment\u2019s team of analysts is currently investigating the recent surge in active ETH deposits and its potential impact on the market.\u00a0<\/p>\n
According to their initial findings<\/a>, this increase in deposits is likely an indication of the forthcoming rise in price volatility.<\/p>\n #Ethereum<\/a>\u2018s active deposits just hit an 8-month high. As we research the most likely cause, we can currently state that this likely will foreshadow upcoming increased $ETH<\/a> volatility, similar to the result of spikes during the #merge<\/a> & #FTX<\/a> collapse. https:\/\/t.co\/aBeHQudM52<\/a> pic.twitter.com\/oHeypfUPvJ<\/a><\/p>\n \u2014 Santiment (@santimentfeed) May 5, 2023<\/a><\/p>\n This phenomenon has been observed previously, for example, with the introduction of the Merge upgrade in September 2022, and the FTX collapse in November 2022, which caused a significant impact on the ETH price.\u00a0<\/p>\n Presently, exchanges have recorded close to 9,200 unique deposits of ETH, which is the highest amount since the introduction of the Merge upgrade<\/a> last year. <\/p>\n The surge in active deposits, coupled with the current market trends, suggests a possible turbulent period ahead for ETH traders and investors.<\/p>\n Ethereum continues to soar in value, with CoinGecko<\/a> reporting a current price of $1,981.25 per ETH. The past 24 hours alone have seen an impressive rally of 4.2%, while over the course of the past week, the rally has been even more remarkable, with an increase of 4.9%. It\u2019s an exciting time for investors and traders who are keeping a keen eye on this thriving market.<\/p>\n As the price of Ethereum continues to rise, an unprecedented amount of ETH has been burned over the past 24 hours, according to David Hoffman, an Ethereum enthusiast.\u00a0<\/p>\n\n In a recent tweet<\/a>, he reported that a staggering 10,300 ETH had been consumed, with roughly half of that amount utilized for Uniswap trades. <\/p>\n 24hr $ETH<\/a> burn record SMASHED<\/p>\n 10,300 ETH burnt and rising pic.twitter.com\/9d6eJSnpe3<\/a><\/p>\n \u2014 DavidHoffman.eth (@TrustlessState) May 5, 2023<\/a><\/p>\n The surge in ETH burning is attributed to the current meme coin season predominantly taking place on the Ethereum mainnet, resulting in a rise in gas fees and a subsequent increase in ETH burning.\u00a0<\/p>\n Over the last 30 days, the supply of ETH has decreased by 0.80%, with the meme season potentially doubling the burn rate. <\/p>\n This metric suggests that the longer the meme season persists, the more ETH will be burned, which could positively impact ETH holders, regardless of their stance on meme coins.<\/p>\n -Featured image from Macro Hive<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum (ETH) has experienced a series of corrections in the last few weeks, following a rally over the past few months. <\/p>\n According to a recent report by Santiment, investors are actively depositing ETH to various crypto exchanges, and this activity has reached its highest level in the past eight months.\u00a0<\/p>\n While this trend may suggest a growing interest in the cryptocurrency, it also indicates that the price of ETH may experience surging volatility in the near future. <\/p>\n As more investors deposit their ETH into exchanges, this influx of supply may impact the demand and cause fluctuations in the market.\u00a0<\/p>\n In other words, the surge in active ETH deposits may be a harbinger of potential price turbulence, which could impact investors\u2019 portfolios.<\/p>\n Santiment\u2019s team of analysts is currently investigating the recent surge in active ETH deposits and its potential impact on the market.\u00a0<\/p>\n According to their initial findings<\/a>, this increase in deposits is likely an indication of the forthcoming rise in price volatility.<\/p>\n #Ethereum<\/a>\u2018s active deposits just hit an 8-month high. As we research the most likely cause, we can currently state that this likely will foreshadow upcoming increased $ETH<\/a> volatility, similar to the result of spikes during the #merge<\/a> & #FTX<\/a> collapse. https:\/\/t.co\/aBeHQudM52<\/a> pic.twitter.com\/oHeypfUPvJ<\/a><\/p>\n \u2014 Santiment (@santimentfeed) May 5, 2023<\/a><\/p>\n This phenomenon has been observed previously, for example, with the introduction of the Merge upgrade in September 2022, and the FTX collapse in November 2022, which caused a significant impact on the ETH price.\u00a0<\/p>\n Presently, exchanges have recorded close to 9,200 unique deposits of ETH, which is the highest amount since the introduction of the Merge upgrade<\/a> last year. <\/p>\n The surge in active deposits, coupled with the current market trends, suggests a possible turbulent period ahead for ETH traders and investors.<\/p>\n Ethereum continues to soar in value, with CoinGecko<\/a> reporting a current price of $1,981.25 per ETH. The past 24 hours alone have seen an impressive rally of 4.2%, while over the course of the past week, the rally has been even more remarkable, with an increase of 4.9%. It\u2019s an exciting time for investors and traders who are keeping a keen eye on this thriving market.<\/p>\n As the price of Ethereum continues to rise, an unprecedented amount of ETH has been burned over the past 24 hours, according to David Hoffman, an Ethereum enthusiast.\u00a0<\/p>\n In a recent tweet<\/a>, he reported that a staggering 10,300 ETH had been consumed, with roughly half of that amount utilized for Uniswap trades. <\/p>\n 24hr $ETH<\/a> burn record SMASHED<\/p>\n 10,300 ETH burnt and rising pic.twitter.com\/9d6eJSnpe3<\/a><\/p>\nRecord Amount Of ETH Burned In Conjunction With Price Rise<\/strong><\/h2>\n
Surge In Active ETH Deposits And Increased Volatility<\/strong><\/h2>\n
Record Amount Of ETH Burned In Conjunction With Price Rise<\/strong><\/h2>\n