Ethereum’s Supply in 5-7 Years High

02/20/2023 19:30 • Metaverse & Beyond • 112 views

According to reports, Glassnodes data showed that the supply of ETH with the last active time of 5-7 years has just reached 10356187.049 ETH, a six-month high.

ETH’s last active 5-7 years of supply hit a 6-month high

Interpretation of the news:

Ethereum, the second most valuable cryptocurrency by market capitalization, has seen a surge in the supply of its cryptocurrency – ETH – with the last active time ranging between five to seven years. According to Glassnodes data, the supply of ETH with this active time has just hit 10,356,187.049, which is a six-month high.

There are various interpretations that one can deduce from this data. One possible explanation could be that long-term holders are gradually relinquishing their assets, leading to an increase in their supply. As such, we may see more coins hitting the exchanges, which could lead to increased selling activities.

Another possible explanation could be that these long-term holders have simply moved their assets into different accounts. As we know, cryptocurrency wallets are notorious for being hacked or compromised, and so it could be feasible that these holders have moved their assets to more secure accounts. Alternatively, they may have sent them to cold storage in anticipation of future price movements.

Overall, the increase in the supply of Ethereum could suggest that the market is becoming more active, and there is an increased demand for the cryptocurrency. This activity could be driven by various factors such as market sentiment, regulatory developments, and technological advancements.

It is worth noting that Ethereum is a platform that enables developers to build decentralized applications (dApps) on its blockchain, and this has led to a growing ecosystem of innovative projects. Moreover, Ethereum has recently undergone a major upgrade with the launch of Ethereum 2.0, which aims to address scalability and security issues.

In summary, the recent surge in the supply of ETH with an active time of five to seven years is a significant development that could have implications for the Ethereum market. It is unclear whether this trend will continue, but it underscores the need for close monitoring of market data to stay abreast of changes.

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Ethereum’s Supply in 5-7 Years High

ETH’s last active 5-7 years of supply hit a 6-month high

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