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How sharks, whales are showing interest in Ethereum [ETH] these days

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How sharks, whales are showing interest in Ethereum [ETH] these days

  • Ethereum whales are accumulating ETH in significant amounts
  • Validators show interest in Ethereum, despite declining revenue

With all the attention in the crypto-space being directed towards the FTX saga, whales and sharks have been accumulating ETH under the radar.


Read Ethereum’s Price Prediction 2022-2023


Lots of fish in the sea

Santiment, a leading crypto-analytics firm, recently tweeted that addresses holding 100 to 100k ETH were capitalizing on the altcoin’s price drop. In fact, they have been accumulating $ETH massively. The platform also revealed that the last time whales accumulated so much ETH, there was a price surge of 50% on the charts.

Now, even though whales seem to be accumulating Ethereum aggressively, it remains to be seen whether retail investors will follow suit as well. 

However, at the time of writing, active addresses on Ethereum were declining. As can be seen, the number of active addresses fell dramatically over the past few months. In fact, according to Glassnode, the number of active addresses hit a 2-year low of 25,916.

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Along with that, the number of addresses in loss also touched an all-time high. This indicated that most people holding Ethereum would not make a profit, if they were to sell their ETH at this point in time. 

Source: Glassnode

Despite the FUD and drop in price, Ethereum validators have continued to support Ethereum. 

In fact, the number of validators on the Ethereum network grew by 5.51% over the last 30 days. At the time of writing, there were more than 474,000 validators on the network. These validators have continued to show faith in Ethereum, despite their declining revenue.

According to Staking Rewards, the revenue generated by Ethereum validators declined by 5.48% over the last 30 days. It remains to be seen whether these validators will continue to be on the Ethereum network.

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Source: Staking Rewards

Moreover, Ethereum’s network growth witnessed a spike over the last few days. This suggested that the number of new addresses that transferred ETH for the first time had appreciated over the last few days.

Along with that, Ethereum also recorded an uptick in its volume. From 5.54 billion on the 20th of November, its volume climbed as high as 11.27 billion on 24 November.

Source: Santiment

At the time of writing, ETH was trading at $1200.14, with its market cap appreciating by 3.09% in the last 24 hours. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Altcoins

Ethereum’s net issuance reading since merge has got some tips for traders

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Ethereum’s net issuance reading since merge has got some tips for traders

  • Ethereum’s total net issuance witnessed a massive spike.
  • The number of Ethereum’s retail investors also grew over the past few days.

Glassnode, a crypto analytics firm, reported that over the past few weeks, there was a significant increase in the total net coin issuance of Ethereum.


                                   Read Ethereum’s Price Prediction 2022-2023


As can be seen from the image below, the amount of Ethereum issued to proof of stake validators grew immensely over the past few days. Evidently, this could attract more validators to stake ETH on the Ethereum network.

Source: glassnode

Validation from validators

Data gathered by staking rewards suggested that there was a spike in the number of validators on the Ethereum network. The number of validators grew by 5.28% in the last 30 days. 

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The revenue generated by the validators also took a northward journey. According to data provided by glassnode, the amount of revenue generated by the validators reached a one-month high of  $12,098.52 on 30 November.

This spike in revenue along with the growth in the issuance of ETH could continue sustaining validators’ interest in Ethereum.

Source: Staking Rewards

“Gas”sing ETH up

However, it wasn’t just validators who showed interest in Ethereum, retail investors too were excited about ETH’s ongoing trajectory.

ETH addresses with more than 0.1 ETH saw an increase in their count over the past month. This indicated that small addresses had started showing faith in Ethereum and were willing to buy the altcoin at a discount.

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One of the reasons for the interest from retail investors would be the decline in gas prices. At the time of writing, the median gas price for Ethereum had dropped to a 1 month low.

Source: glassnode

Furthermore, Ethereum’s MVRV ratio climbed significantly over the past few days. Thus, indicating that most Ethereum users would profit from selling their holdings.

Moreover, Ethereum’s development activity also spiked. This implied that the team at Ethereum had been making increasing contributions to their GitHub. Thus, implying that there could be new updates and upgrades in the works for Ethereum in the future.

Source: Santiment

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That said, it’s still to be determined whether Ethereum holders will continue to show faith in Ethereum or take this opportunity to book a profit.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Bitcoin

Bitcoin Family Says They Are Moving $1M In Crypto To Decentralized Exchanges After FTX Collapse

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Bitcoin Family Says They Are Moving $1M In Crypto To Decentralized Exchanges After FTX Collapse

In October 2017, Netherlands native Didi Taihuttu and his family sold all their valuable belongings and their house for bitcoin. The decision paid off and the Taihuttu family has traveled all around the world and recently moved to the island of Phuket. On Nov. 30, the 44-year-old Didi Taihuttu told CNBC that after storing crypto in cold storage, centralized exchange (cex) platforms, and decentralized exchange (dex) protocols for years, the Dutch family has decided to proactively transfer $1 million in digital assets to dex protocols in order to have more control via self-custody.

Didi Taihuttu and Family Are Taking Proactive Steps to Self-Custody Their Crypto Assets

Just over five years ago, Bitcoin.com News reported on the Taihuttu family after they decided to sell their home, children’s toys, and vehicles so they can accumulate bitcoin (BTC). On Wednesday, the patriarch of the family, Didi Taihuttu, spoke with CNBC and explained that the family is moving $1 million in crypto assets to dex protocols following the FTX collapse.

The Taihuttu family in November 2022. Didi explained to CNBC that the Taihuttu family currently keeps 73% of its cryptocurrencies in cold storage.

Taihuttu detailed that before the decision to proactively move the funds from cex platforms to dex protocols, the family stored a fraction of funds on trading platforms like Bybit and Kraken. “If you never send your bitcoin to an exchange,” Taihuttu said, “your bitcoin stays in your own wallet, meaning you have complete custody of your coins. [But] you connect to a dex, and by making that connection, you trade out of your own wallet.”

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Taihuttu continued:

If the dex collapses, it doesn’t matter, because the bitcoins are always in your own wallet.

Taihuttu explained that he learned his lesson in 2017 when the cex platform Cryptopia was hacked and he lost four bitcoins. “From that moment, I was always searching for alternatives,” Taihuttu said. As far as FTX is concerned, Taihuttu insisted that “too many influencers were paid too much money to promote that one.” The family would not disclose how much they owned in crypto assets but they did say roughly $1 million worth of BTC, ETH, LTC, DOT, and other tokens would be moved to decentralized exchanges.

Taihuttu says the current drama associated with FTX is similar to what happens every bitcoin cycle. “We seem to get that lesson every bitcoin cycle — “It was Mt Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time,” he added. Taihuttu wholeheartedly believes BTC is holding steady, and simply doing what the leading crypto asset always does.

“Looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” Taihuttu told CNBC. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world,” Taihuttu concluded during his interview on Wednesday.

Tags in this story

Bitcoin, Bitcoin (BTC), Blockchain, BTC, Cold Storage, cold storage solutions, crypto cold storage, Cryptocurrencies, cryptocurrency cold storage, Didi Taihuttu, digital nomad, dogecoin, ETH, Ethereum, Ethereum (ETH), Finance, hot wallet, hot wallets, Investing, litecoin, litecoin (LTC), Netherlands, Nomads, Perpetual Traveler, six hardware wallets, Taihuttu Family

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What do you think about the Taihuttu family’s progress and the family moving $1 million from cex applications to dex protocols? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin

CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes

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CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes

CryptoSlate Daily wMarket Update – Nov. 30: Bitcoin breaks $17K resistance as markets expect slower rate hikes Oluwapelumi Adejumo · 11 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: December 1, 2022 at 12:49 pm

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Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net inflows of $8.12 billion over the last 24 hours and currently stands at $861.02 billion — up 0.94% from $852.9 billion over the reporting period.

Bitcoin and Ethereum’s market cap increased by 1.43% and 1.47% to $329.02 billion and $157.28 billion, respectively.

Polygon led the gains among the top 10 cryptocurrencies, up 5,86% over the reporting period. Meanwhile, BTC and ETH gained 1.29% and 1.22%, respectively.

Source: CryptoSlate

Over the reporting period, USD Coin’s (USDC) market cap slightly decreased to $43.25 billion. Meanwhile, Tether’s (USDT) and BinanceUSD’s (BUSD) market cap slightly increased to $65.36 billion and $22.21 billion, respectively.

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Bitcoin

Bitcoin gained 1.29% to trade at $17,099 as of 07:00 ET. Its market dominance remained flat at  38.1%.

During the last 24 hours, Bitcoin broke above $17,000 around 15:00 UTC. The flagship digital asset has continued to trade above the resistance level since then.

BTC 24-Hour Price Performance (Source: Tradingview)

Ethereum

ETH posted 1.22% gains over the last 24 hours to trade at $1,282 as of 07:00 ET. As a result, its market dominance increased to 18.3% from 18.2% over the reporting period.

Like BTC, ETH was able to maintain its price above the $1,200 mark during the last 24 hours after breaking the zone around 15:00 UTC.

ETH 24-Hour Price Performance (Source: Tradingview)

Top 5 Gainers

Mask Network

MASK is the day’s biggest gainer, growing by 24.66% over the last 24 hours to $4.13 as of press time. The token has grown by over 54% in the last seven days. Its market cap stood at $281.69 million.

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GMX

GMX gained 12.74% over the reporting period to trade at $50.53 as of press time. Its market cap stood at $403.83 million

Optimism

OP increased by 10.07% in the last 24 hours to $1.048. The layer2 blockchain token has risen by 12% over the last seven days. Its market cap stood at $246.62 million.

EthereumPoW

ETHW grew 8.93% over the reporting period to $0.036. The Proof-of-Work token has lost 40% of its value over the last 30 days. Its market cap stood at $388.73 million.

Zcash

ZEC saw a 6.67% gain in the last 24 hours to $44.95. It was unclear why the privacy-focused token was rising. Its market cap stood at $711.19 million.

Top 5 Losers

GensoKishi Metaverse

MV is the day’s biggest loser, shedding 11.7% of its value to trade at $0.19 as of press time. The metaverse-related token has been on a downward trend in the past 30 days, losing over 11% of its value. Its market cap stood at $327.98 million.

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Kaspa

KAS is among the top losers again, as it lost 7.11% in the last 24 hours to trade at $0.00810 as of press time. Its market cap stood at $119.86 million.

MobileCoin

MOB plunged by 7.47% to $1.30 as of press time. It was unclear why the token was falling. Its market cap stood at $96.94 million.

HI

HI is among the day’s biggest losers, losing 4.58% of its value to trade at $0.029 as of press time. Its market cap stood at $84.56 million.

Icon

ICX shed all the gains it made on Nov. 29, crashing by 4.56% to $0.19 as of press time. Its market cap stood at $182.05 million.

Read Our Latest Market Report

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