This deduction was supported by additional data from Santiment. ETH supply on exchanges has gone downhill, accounting for less than 10% of the total circulating supply. Moreover, the supply held by top addresses outside exchanges has been on an uptrend. Combining the two metrics, it can be concluded that large addresses have amassed ETH.Over the last month, the Mean Coin Age indicator showed an increasing slope, adding support to the network-wide accumulation trend.
However, the Dormant Circulation indicator revealed that a large number of coins that didn’t move in the last six months, probably acquired after the FTX collapse in November, were transacted in the last 24 hours. Since the price of ETH increased during the process, it was likely that these were buyer dominated transactions.At the time of writing, ETH exchanged hands at $1,829.
revealed. In the futures market, demand for ETH reached an equilibrium as the number of short positions taken for the coin closely mirrored the number of long positions, indicating a lack of distinct buy and sell signals from the market.
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