- Ethereum recorded its highest network growth in four months, with 126,210 new wallets created.
- A wallet linked to Vitalik Buterin has sold 760 ETH, drawing attention in the ETH community.
- Institutional investors like Metalpha have moved 23,589 ETH to Binance, signaling potential market shifts.
Ethereum has now recorded its highest network growth in the last four months, as revealed by analytics blockchain platform Santiment. On Sunday, which is usually a low activity day 126,210 new ETH wallets were opened suggesting an increase in usage and confidence in the network. This new wallet creation surge comes at the time ETH’s price is ranging between $2,200 and $2,300, which may signal an upcoming price surge.
The increasing number of wallets indicates the increasing role of ETH’s network, and analysts have suggested that the platform may experience further price gains. The increased network growth of cryptocurrency may also be attributed to the rise in the adoption of DeFi applications and NFTs, both of which are dependent on platform.
Ethereum Wallet Movements
On the other hand, another analytical tool known as Spot On Chain highlighted an interesting trend that was related to a multi-signature wallet associated with Ethereum’s co-founder, Vitalik Buterin. The wallet was funded with 3,800 ETH (around $9.99 million) by Buterin in August and has been gradually liquidating its position ever since.
Recently, it sold 760 ETH for approximately $1.835 million USDC with an average price of 2414 USDC per ETH. This selling spree has attracted a lot of interest in the Ethereum community especially because the wallet is associated with Buterin in some way.
Another interesting transaction was highlighted by the Lookonchain platform, Metalpha has transferred 10,000 ETH (about $23 million) to Binance. This latest move takes the total ETH deposits of Metalpha to 23,589 ETH ($54. 1 million) within the last three days only. Such large transactions indicate that the institutional investors are often involved in manipulating ETH positions, possibly in preparation for some change in trends.
Such wallet activities and the growth of Ethereum’s network point to a period of increased usage for the second largest cryptocurrency in terms of market capitalization. The continuous expansion of new wallets, as well as frequent large ETH transactions, signal that Ethereum is going through a phase of active growth and liquidity shifts.
While Ethereum’s price continues to be traded in the range of $2,200 to $2,300, the market participants are interested in understanding how this will affect the further evolution of Ethereum. Due to the rapidly increasing network expansion and high profile wallet activities, Ethereum’s near term performance may be decisive in its development within the cryptocurrency space.
