- ETH landed at the top of crypto trends for the first time in over a year.
- Ethereum’s funding rate surged as well.
The recent announcement of Ethereum’s [ETH] ETF filing has generated significant interest in the asset over the past 24 hours. Have these increased levels of attention had any noticeable effects on its performance metrics?
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Ethereum tops crypto trend
An 8 September report from Santiment revealed that Ethereum had claimed the top spot on the crypto trend. The development followed the news of its spot ETF filing, which was reported on 7 September.
? #ArkInvest & #21Shares are bidding for the coveted slot as the 1st spot #Ethereum #ETF. Trader speculation & optimism has been enough to make $ETH the top trending asset in #crypto for the 1st time since last year's #halving. Explore the dashboard. ?https://t.co/lGVq5PlPsl pic.twitter.com/werxi7qDlB
— Santiment (@santimentfeed) September 8, 2023
The ETF filing, submitted by Ark Investment and 21 Shares, has the potential to grant more users access to Ethereum and subsequently increase its liquidity and price. This development sparked significant speculation in the market, propelling ETH to a trending position it hadn’t held since its halving last year.
However, as of this writing, the trend has subsided. Also, ETH had dropped to the ninth position on the trend chart, with a 24-hour social volume of approximately 481.
Analyzing Ethereum’s social volume and dominance
When examining Ethereum’s social volume, it’s evident that there was no significant surge in response to the ETF filing news. Instead, the chart illustrated a substantial decline in social volume since June.
Before the press time level, social volume averaged around 10,000. But as of this writing, the social volume had dwindled to 633.
Source: Santiment
On the other hand, a closer look at the social dominance metric did reveal a slight increase on 7 September when it reached over 9%. However, as of this writing, it had decreased to approximately 7%.
State of Ethereum addresses
As per the new address metric provided by Glassnode, the ETF news had a modest impact. The metric indicated a slight uptick in new Ethereum addresses on 6 September, followed by a minor decline on 7 September.
As of this writing, the number of new addresses has exceeded 73,000.
Source: Glassnode
Furthermore, when considering the seven-day active addresses metric from Santiment, a slight increase was observed on 7 September. This metric transitioned from approximately 2.7 million addresses to about 2.8 million.
As of this writing, it remained stable at around 2.8 million.
ETH funding rate and price trend
The most notable surge in optimism stemming from the ETF filing was reflected in Ethereum’s funding rate on Coinglass. Notably, on 7 September, ETH’s funding rate reached its highest level since 18 August, peaking at 0.0082%.
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Subsequently, at press time, the funding rate had decreased but remained in positive territory. This suggested that traders were expressing confidence in a future increase in the price of ETH.
Source: TradingView
ETH was trading at approximately $1,641 at press time, experiencing a slight loss of less than 1%. It had closed at roughly $1,648 in its preceding trading session, marking a price increase of over 1%.
