Ethereum: Bulls and bears tussle for $1900
- Volatility and trading volume jumped sharply over the last 24 hours.
- ETH held by top non-exchange addresses amassed hit its all-time high.
Ethereum [ETH] bulls and bears were locked in an intense battle around the $1900 level on Monday as the second-largest crypto in the market welcomed the long-evasive volatility.
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After shuttling within the $1870-$1900 range for the greater part of the day, the coin plunged further to $1840 before recuperating to $1868 at the time of writing, data from CoinMarketCap revealed.
The interest around ETH was also reflected in the 21% jump in trading volume over the past 24 hours. In fact, volumes have been on the rise since the beginning of June, impacted by events like regulators’ clampdown on major entities and growing institutional interest in cryptos.
The volatility has also made higher-highs and higher-lows after hitting rock bottom in the latter half of May, as revealed by Santiment.
Large addresses not interested in the party
Blockchain analytics firm Santiment backed up the above observation. However, it also revealed some interesting aspects about exchange supply and accumulation.
Santiment further stated that large addresses were unfazed by the resurgence of trading activity. They continued to fill up their coffers with more ETH.
As evident below, the largest non-exchange addresses have been on an ETH accumulation spree since the start of 2023. But the pace has accelerated lately owing to factors like eroding trust in centralized exchanges (CEX) and ETH’s viability as a long-term investment.
This cohort has amassed 33.6 million ETH at the time of publication, the largest amount ever.
In contrast, the supply on exchanges held by top addresses, or ETH’s liquid supply, has been steadily declining and fell to below 7 million ETH at the time of writing, equating to a little more than 9% of the total circulating supply.
Staked ETH increases
As per a Twitter user ‘ekin‘, staked ETH supply outpaced supply on centralized exchanges as of 26 June, with about 23.4 million ETH locked in Ethereum’s smart contract. The indicated that people were taking ETH out of the market and using it as an investment to earn yields.
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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 CEO of blockchain research firm CryptoQuant, nearly 20% of ETH supply has been staked with a sharp increase of 5% since Shapella.