) had been rallying since the beginning of the new year but began tapering off in mid-March. The altcoin has trailed Bitcoin are at the core of this layer 1 blockchain, and diminishing use in terms of users and volumes indicates less demand for ETH.
Additional data from Coinglass reveals a decline in Ethereum’s network activity over the last 30 days. Daily active addresses on Ethereum have dropped from 622,963 addresses on March 20 to 499,448 on April 10.
Van Eck explained the regulatory process, highlighting that the SEC typically provides comments on ETF applications and continuously engages with applicants. However, in the case of Ethereum, there has been a notable silence.
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