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People are feeling the heat of falling prices throughout 2022. Even after the recent recovery, foreign exchange balances are increasing while the leading non-exchange balance continues to decline.
Stacking
It’s no secret that cryptocurrency prices have fallen ridiculously in the first half of 2022.
Like other cryptocurrencies, ETH is seeing an increase in the supply held on exchanges. According to the analytical company Sentimenttraders have been actively dumping their holdings on major exchanges during the 2022 slide.
Santiment’s update also showed the non-parts-to-parts ratio of top addresses closed at one-year lows.
Source: Santiment
However, there has been a shift in sentiment lately as foreign exchange inflows are beginning to show a positive sign.
According Glassnode, Exchange inflow volume (7d MA) just hit a 1-month low of 10,187 ETH. The previous low was seen on August 2 at 10,281 ETH.
Source: Glassnode
Shifting market trends are asking to show side effects in other metrics as well.
Another Santiment modernize claimed that Ethereum’s transaction fees remained “extremely low”. This comes after the dramatic rise in prices since mid-June.
This shows that despite the price increases investor faith in ETH was not very strong. However, Ethereum’s average fees are expected to soar until a “fair degree of FOMO” occurs from the crowd.
Source: Santiment
Another metric that has shown significant change in recent days is the NVT ratio. According Glassnodethe NVT index (7d MA) hit a 1-month high of 2,677.2 on August 3.
This comes after recent price improvements.
Source: Glassnode
The latest rebound is a welcome boost for the Ethereum community as they head towards the Merge in September.
Ether also showed rapid growth in July, which was followed by August. At press time, ETH was trading at $1,654 after pushing up 5.07% in the past day according to CoinMarketCap.
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