April 18, 2024

The leading alt has ensured consistent progress amid Merge preparation. Surprisingly, ETH has barely seen growth in on-chain activity. However, are we in ‘calms before storms’ or an industry crisis from an absence of inflows?

Emptiness Might Be the Answer

While publishing this post, the 2nd largest crypto remained deteriorated in on-chain activity. The analytic platform Dune Analytics recorded contracts installed on ETH within the past year. The metric plunged beneath 300K deployments.

Remember, ‘smart’ contract deployments on Ethereum hit an ATH of 1,971,633 in March, following a 75% surge from the past month. That might indicate increased adoption of the ETH network. Also, that signaled massive support for the upcoming ETH 2.0 upgrade.

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The Merge would see the blockchain migrating to Proof-of-Stake from Proof-of-Work. This migration will likely alleviate the scalability issue that has discouraged most creators from installing on the platform.

ETH 2.0 capitalized on the optimism as deposits surged from around 8 million during the mid-May session to more than 13 million at this publication. Furthermore, Glassnode revealed that staking Ethereum 2.0 deposit addresses increased to 13,302,229.

Are ETH HODLers Happy?

True enough, Ethereum holders are happy. For instance, an ETH address that remained dormant over the past three years became active, transferring coins. The whale moved nearly 145K $ETH to other addresses.

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Also, wallets with non-zero balances hit an ATH at 85 million. Was that of any help to the price? Not really. Though Ethereum climbed beyond the $2K level at one time on August 12, it failed to sustain beyond the mark. The alt seems to have surrendered as it suffered more dips, changing hands at $1,889.87 during this publication.

The broad crypto market seemed to surrender the upside battle during this publication. Assets have recorded minor cuts within the past 24 hours. The global cryptocurrency market capitalization stood at $1.15 trillion, dropping 0.29% over the last day. Meanwhile, the market volume dropped 12% within that timeframe to $67.14 billion.

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The market’s direction remains unclear at the moment. Time will tell what the market has for ETH hodlers as they await the Merge upgrade.

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