Ethereum

Arbitrum

Million

The biggest altcoin, Ethereum (ETH) is dealing with a huge amount of FUD as it is expected to face high scrutiny and regulatory uncertainty in recent weeks. With changing sentiments in the market, Ether recorded its largest weekly net inflows in the exchange since September 2022. The amount moved into exchange stood at $720 million as <a href="https://news.todayq.com/ethereum-is-not-a-security-says-coinbase-clo-dismissing-rumors/" rel="noopener noreferrer nofollow">regulatory FUD</a> spread. 420k Ether sent to exchanges 
As per the data, Over the last three weeks around 420,000 Ether (approx worth $1.47 billion) have been sent to exchanges. This influx suggests that investors may be preparing for potential market volatility or regulatory actions ahead.
Despite the negative sentiment emerging in the market, Ethereum’s on-chain data paints a more positive picture for it. While ETH has underperformed compared to Bitcoin and traditional assets like the S&amp;P 500, its on-chain activity remains strong.&nbsp;
ETH’s daily average volume has surged to levels not seen since the early bull market of 2020-2021. However, activity on layer 2 solutions (L2s) has recorded good growth. The transactions on platforms like Base, Optimism, and Arbitrum surpass those on the mainnet.
The increase in L2 activity follows a major reduction in the transaction fees post-Dencun upgrade. This suggests that Ethereum’s fundamentals are strengthening and this comes despite concerns about its price decline and regulatory outlook. What’s happening on-chain? 
Lucas, Head of Research at IntoTheBlock, noted that the long-term ETH investors appear unfazed by the FUD. He highlighted that the Ethereum held in wallets for over a year continues to reach new highs. It directly indicates a strong conviction among hodlers.
Reports had emerged that the <a href="https://news.todayq.com/ethereum-hit-11-gains-despite-security-fud/" rel="noopener noreferrer nofollow">US SEC</a> is considering reevaluating Ether’s status as a security and uncertainties surrounding ETF approval. Meanwhile, the commission’s previous classification of the token as a commodity, coupled with the approval of futures ETFs had added more support to Ethereum’s regulatory standing.&nbsp;
Additionally, the SEC’s previous classification of ETH as a commodity, coupled with the approval of futures ETFs, adds further support to Ethereum’s regulatory standing. This decision is unlikely to be reversed easily, providing reassurance to investors amidst regulatory concerns.
Overall, the resilience of ETH hodlers and the continued growth of Ethereum on both layer 1 and layer 2 solutions suggest a positive outlook.
Dealing with high selling pressure, ETH price is down by 10% in the last 7 days. However, it is still up by&nbsp; 45% in the last 60 days. Ether is trading at an average price of $3,314, at the press time.

Ether sees $720 Million exchanges weekly inflows amid regulatory FUD

Todayq News

2024년 3월 22일에 게재된 다른 기사

Hacker Transfers Massive Ethereum Stash via Tornado Cash

Polyhedra Network Unveils Groundbreaking ZK Proof Method for Bitcoin Blockchain

Silvergate Bank Faces Class Action Over Alleged FTX Fraud Complicity

Polygon (MATIC) Price Under Scrutiny as Active Addresses Decline

Pepecoin Faces Meme Coin Battle With New PEPE Rival After Major Price Surge

Forget Dogecoin, Shiba Inu, This RWA Token Clocked 23% Single Day Gains, 'Short Term $1, Long Ter...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!