Ethereum
Ethereum sees its network grow amid market volatility
During the weekend, Ethereum saw a notable rebound, surpassing the $3,200 mark and witnessing significant network expansion.
A staggering 196.71,000 new addresses were generated on the Ethereum network on May 4, 2024, marking the largest single-day increase in address creation since October 8, 2022.
📈 #Ethereum rebounded above $3,200 this weekend and saw massive network growth. 196.71K new addresses were created on the $ETH network on May 4, 2024, the biggest day of growth since October 8, 2022. This should be considered a #bullish sign. https://t.co/l9iFVWCJpE pic.twitter.com/MlHQTvKKN0
–Santiment (@santimentfeed) May 6, 2024
Although the current price falls below $3,100, the influx of new addresses signals investor optimism and is interpreted as a positive indicator for Ethereum’s future trajectory.
Meanwhile, Coinshares reported that digital asset investment products faced outflows for the fourth consecutive week, totaling $251 million, with $156 million in outflows recorded last week.
However, Ethereum bucked this trend, breaking a seven-week outflow streak by recording an inflow of $30 million the previous week. This influx of capital into Ethereum investment products highlights a renewed interest and confidence in the cryptocurrency.
According to Coinshares, digital asset investment products saw outflows for the fourth consecutive week, with a total outflow of $251 million and $156 million last week. Ethereum ended a seven-week outflow streak, with a $30 million inflow last week.…
-Wu Blockchain (@WuBlockchain) May 7, 2024
Ethereum ETF Regulatory Outlook to Watch
On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding next steps for the Invesco Galaxy Ethereum SPOT ETF. The new deadline for this decision is now July 5, 2024.
The delay follows a series of deadline extensions for other Ethereum spot ETF proposals, including those from Grayscale, Franklin Templeton, VanEck and BlackRock. The SEC’s cautious approach to approving these ETFs reflects the regulatory scrutiny surrounding cryptocurrency investment vehicles.
The SEC has postponed its decision on next steps for Invesco Galaxy’s Ethereum SPOT ETF, with the next deadline set for July 5, 2024. In recent weeks, the SEC has also pushed back deadlines for other Ethereum spot ETF proposals including Grayscale, Franklin Templeton,…
-Wu Blockchain (@WuBlockchain) May 7, 2024
Amid market volatility and evolving regulations, Ethereum’s resilience and network growth stand out as key indicators of its enduring appeal and long-term growth potential.
As the cryptocurrency landscape continues to evolve, market participants are closely monitoring these developments to gain insight into Ethereum’s future trajectory and its impact on the broader digital asset market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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