- Volatility and trading volume have increased sharply over the past 24 hours.
- ETH held by the top non-exchange addresses hit its all-time high.
Ethereum [ETH] bulls and bears engaged in an intense battle around the $1900 level on Monday, as the second-largest cryptocurrency in the market welcomed long-evading volatility.
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After hovering within the $1870-$1900 range for most of the day, the coin dived further to $1840 before recovering to $1868 at time of writing, data from CoinMarketCap revealed.
The interest around ETH was also reflected in the 21% increase in trading volume over the past 24 hours. In fact, volumes have been on the rise since early June, driven by events such as regulatory crackdowns on major entities and growing institutional interest in cryptos.
Volatility has also made higher highs and higher lows after bottoming out in the second half of May, as revealed by Santiment.
Source: Sentiment
Big addresses not interested in the party
Blockchain analytics company Sanitation supported comment above. However, it also revealed some interesting aspects about the stock’s supply and accumulation.
Santiment further stated that major addresses were unfazed by the rebound in trading activity. They continued to fill their coffers with more ETH.
As shown below, the largest non-exchange addresses have been in ETH accumulation since the start of 2023. But the pace has picked up recently due to factors such as eroding confidence in centralized exchanges (CEX) and ETH’s viability as a long-term investment.
This cohort has accumulated 33.6 million ETH at the time of publication, the largest amount ever.
In contrast, the supply on exchanges held by top addresses, or the liquid supply of ETH, has been steadily declining, falling below 7 million ETH at the time of writing, representing just over 9% of the total circulating supply.
Source: Sentiment
Deployed ETH increases
According to a Twitter user ‘directlyOn June 26, ETH supply surpassed supply on centralized exchanges, with approximately 23.4 million ETH locked into the Ethereum smart contract. They indicated that people were taking ETH out of the market and using it as an investment to earn returns.
Source: ekin
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Users have shown significant interest in ETH staking since the Shapella upgrade went live on the mainnet in April.
According to Director from blockchain research firm CryptoQuant, nearly 20% of the ETH supply has been staked with a surge of 5% since Shapella.