According to data from IntoTheBlock, more than $900 million was moved on the Ethereum network in transactions greater than $100,000 last week. While this is a significant volume, it’s still a far cry from the impressive stats the network had back in August.
Ethereum mostly stable after a turbulent summer
After a turbulent summer that brought its price close to $340, Ethereum has been in a consolidating phase, currently trading at around $186. This sharp drop in the coin’s price has manifested itself in multiple ways throughout the network, with most metrics indicating an overly bearish sentiment for the world’s second-largest cryptocurrency.
Overall network signals (Source: IntoTheBlock)
Last month, data from IntoTheBlock showed that nearly 70 percent of Ethereum addresses are holding ETH at a loss. While not surprising given Ethereum’s sharp drop fall from its ATH, it’s in dramatic contrast to Bitcoin, which has over 76 percent of its holders in profit.
In/Out of the money
However, despite a bearish outlook, the network still boasts impressive stats. The latest data from IntoTheBlock showed that more than $900 million was moved on the network in large transactions. The past 7 days have seen a high of 413 transactions greater than $100,000, with a volume of 1.05 million ETH, or around $193 million.
The network has also seen an average of 682,000 transactions in the past week, a metric that has remained largely unchanged in the past three months.
Number of transactions on the Ethereum network
Ethereum still heavily dependent on Bitcoin’s movements
Despite being very different, Ethereum and Bitcoin share a strong connection.