had the best underlying economic model of any web3 asset. There were other reasons why investors were feeling bullish about ETH.network. According to data provided by Glassnode, the number of non-zero addresses grew significantly over the last few months and reached an all-time high of 92 million addresses.Along with the addresses, the validators on the Ethereum network grew as well. The number of validators on the network increased by 2.22% over the last month.
The validators were not the only group of people that showed faith in Ethereum, as traders also showed optimism in favor of ETH. According to data provided by Coinglass, the number of long positions being held in favor of Ethereum surpassed the short positions by a huge margin. At press time, 65.82% long positions were being held by traders.For instance, the development activity for Ethereum declined immensely over the last month. This implied that the contributions being made by Ethereum’s team on its GitHub decreased.
However, the declining development activity did not deter Ethereum whales. The percentage share of Ethereum being held by large addresses observed a massive surge over the last two weeks. But this interest from whales wasn’t enough to impact ETH’s price positively.The decline in price resulted in a declining Market Value to Realized Value ratio. This implied that most Ethereum holders would take a loss if they sold their holdings.
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