Ethereum price has suffered bearish sentiment in the past five months amid a low accumulation rate from institutional investors as observed by spot Ether ETF cash flows.
Artemiy Parshakov, Head of Staking at P2P.org, points out that increased network participation lowers individual staking rewards, which leads to anticipated reductions in APRs for traditional staking.
Vitalik Buterin’s past movements of ETH have often had market-wide implications. For instance, in May 2021, his donation of over $1 billion worth of different cryptocurrencies to an India Covid-19 Relief Fund led to a substantial decline in Ethereum price.
The expiring options could lead to increased market activity and heightened volatility due to the large volume of contracts.
Top Ethereum investors led by Jump Trading have been on a selling spree in the last few weeks, thus increasing bearish sentiment.
Ethereum’s price movements and its relation to the US dollar and Canadian dollar depend on various factors. These include market sentiment, technological advancements, regulatory changes, and the economy overall.
ETH, the second-largest cryptocurrency by market capitalization, is currently trading around $2,635, marking a 25% decline over the past month.
The recent surge in Ethereum network activity signals renewed investor interest, offering hope for Ether’s long-term price appreciation.
L2s like Arbitrum and Taiko saw an additional 97 million combined transactions over the last 30 days.
Additionally, Buterin sent an extra $441 million worth of the same token to Gitcoin, to support the platform’s mission to improve security within the crypto industry.
The recent Ethereum price crash to $2,197 has attracted significant attention from long-term buyers seeking to buy at discounted rates.
All the liquidated positions were held by long traders who had bet on the potential price performance of the second-largest digital asset in the industry.
Ethereum price has dropped below crucial support levels in the recent past, indicating further midterm weakness.
These transfers come in the wake of a significant settlement Genesis reached with New York State.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.