{"id":639815,"date":"2024-09-05T05:00:04","date_gmt":"2024-09-05T05:00:04","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=639815"},"modified":"2024-09-04T13:46:06","modified_gmt":"2024-09-04T13:46:06","slug":"ethereum-flips-bitcoin-in-this-key-metric","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/bitcoin-news\/ethereum-flips-bitcoin-in-this-key-metric\/","title":{"rendered":"Ethereum Slides But Flips Bitcoin In This Key Metric: Time To Load Up?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Ethereum is down nearly 35% from July highs and roughly 40% from 2024 peaks. While there is hope among holders that the coin will expand, breaking local resistance, the short-term trend favors sellers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">From the daily chart, not only is ETH struggling to gain momentum and push above $2,800, but sellers have been relentless, diffusing any attempt higher. As the coin is capped below $2,500 at press time and actively aligning with the selling pressure of late August, Santiment analysts have picked out an interesting development.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Ethereum Register More Users Than Bitcoin<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a post on X, the sentiment analysis platform <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/santimentfeed\/status\/58405570\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\"> that though prices are down at spot rates, the network is interestingly resilient, especially looking at user growth metrics. <\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/litecoin\/litecoin-bitcoin-11000-breakout\/\" target=\"_blank\" rel=\"noopener \">Analyst Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With 11,000% Breakout<\/a><\/p>\n<p><span data-preserver-spaces=\"true\">In the last three months, the number of unique Ethereum addresses has been growing steadily, outpacing those of Bitcoin. However, it still lags the number of USDT addresses over the same period. <\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<figure id=\"attachment_639821\" aria-describedby=\"caption-attachment-639821\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-639821\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?resize=1024%2C697\" alt=\"Ethereum has more uses than Bitcoin | Source: @santimentfeed via X \" width=\"1024\" height=\"697\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=2632 2632w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=2048 2048w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWkFiehXgAEwrbB.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-639821\" class=\"wp-caption-text\">Ethereum has more uses than Bitcoin | Source: @santimentfeed via X<\/figcaption><\/figure>\n<\/div>\n<p><span data-preserver-spaces=\"true\">To put in the number, as of September 3, Santiment analysts noted that Bitcoin had 54.18 million unique wallets, down 0.1% in three months. At the same period, Ethereum boasted of more than 126.96 million addresses, up 3.3%. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The rise in the number of new users in Ethereum signals confidence in the network and even possible rising adoption despite challenging market conditions. Meanwhile, USDT, the fiat-pegged stablecoin, had 5.99 million addresses, up 4% in three months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of the three, the rapid growth of <a href=\"https:\/\/shenyangcang.com\/usdt\/institutional-usdt-445-miliion\/\" target=\"_blank\" rel=\"noopener \">USDT addresses<\/a> in the last three months could signal overall apprehensiveness among traders. As crypto prices contract, holders choose to convert their holdings to USDT, explaining the increase. <\/span><\/p>\n<figure style=\"width: 1273px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/OHJuRn4D\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/OHJuRn4D\/\" alt=\"Ethereum price trending downward on the daily chart | Source: ETHUSDT via Binance, TradingView\" width=\"1273\" height=\"590\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending downward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/OHJuRn4D\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT via Binance, TradingView<\/a><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Another interpretation of this development is that more new users are keen to explore crypto. By holding USDT via custodial wallets or through exchanges like Binance, they will readily splash on Bitcoin or any other top altcoin whenever the time is ready.\u00a0\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin And Ethereum Whale Activity Declining<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even so, while there is growth in the number of users, whale activity, Santiment analysts <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/santimentfeed\/status\/16329104\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">observe<\/span><\/a><span data-preserver-spaces=\"true\">, has been declining. Of note, the number of whale transactions has been down since Q1 2024 after prices peaked. <\/span><\/p>\n<figure id=\"attachment_639823\" aria-describedby=\"caption-attachment-639823\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-639823\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?resize=1024%2C678\" alt=\"Whale activity falling |Source:@santimentfeed via X \" width=\"1024\" height=\"678\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=1624 1624w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWhfazMaEAA3WNx.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-639823\" class=\"wp-caption-text\">Whale activity falling |Source:@santimentfeed via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Surging prices, coupled with the approval of spot Bitcoin ETFs, especially in the United States, revived interest, explaining expansion in whale activity.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/bitcoin-investors-beware-mvrv-bear-market\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Investors Beware: MVRV Has Given Bear Market Signal<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Considering the general contraction of prices, Santiment analysts predict whale activity to drop. This outlook will only change once there is volatility spurred by Ethereum or Bitcoin prices ripping above key liquidation levels in the short to medium term.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is down nearly 35% from July highs and roughly 40% from 2024 peaks. While there is hope among holders that the coin will expand, breaking local resistance, the short-term trend favors sellers. From the daily chart, not only is ETH struggling to gain momentum and push above $2,800, but sellers have been relentless, diffusing any attempt higher. As the coin is capped below $2,500 at press time and actively aligning with the selling pressure of late August, Santiment analysts have picked out an interesting development. Ethereum Register More Users Than Bitcoin In a post on X, the sentiment analysis platform notes that though prices are down at spot rates, the network is interestingly resilient, especially looking at user growth metrics. Related Reading: Analyst Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With 11,000% Breakout In the last three months, the number of unique Ethereum addresses has been growing steadily, outpacing those of Bitcoin. However, it still lags the number of USDT addresses over the same period. To put in the number, as of September 3, Santiment analysts noted that Bitcoin had 54.18 million unique wallets, down 0.1% in three months. At the same period, Ethereum boasted of more than 126.96 million addresses, up 3.3%. The rise in the number of new users in Ethereum signals confidence in the network and even possible rising adoption despite challenging market conditions. Meanwhile, USDT, the fiat-pegged stablecoin, had 5.99 million addresses, up 4% in three months. Of the three, the rapid growth of USDT addresses in the last three months could signal overall apprehensiveness among traders. As crypto prices contract, holders choose to convert their holdings to USDT, explaining the increase. &nbsp; Another interpretation of this development is that more new users are keen to explore crypto. By holding USDT via custodial wallets or through exchanges like Binance, they will readily splash on Bitcoin or any other top altcoin whenever the time is ready.\u00a0\u00a0 Bitcoin And Ethereum Whale Activity Declining Even so, while there is growth in the number of users, whale activity, Santiment analysts observe, has been declining. Of note, the number of whale transactions has been down since Q1 2024 after prices peaked. Surging prices, coupled with the approval of spot Bitcoin ETFs, especially in the United States, revived interest, explaining expansion in whale activity. Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal Considering the general contraction of prices, Santiment analysts predict whale activity to drop. This outlook will only change once there is volatility spurred by Ethereum or Bitcoin prices ripping above key liquidation levels in the short to medium term. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":598485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,768,19064,1119,8323,1946,84086,78803,89583],"class_list":["post-639815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-trading","tag-bitcoin-whales","tag-btc","tag-eth","tag-ethereum","tag-ethereum-whales","tag-ethusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Ethereum Slides But Flips Bitcoin In This Key Metric: Time To Load Up?<\/title>\n<meta name=\"description\" content=\"Ethereum might be down, trailing Bitcoin but the network is attracting more users than the world&#039;s most valuable platform\" \/>\n<meta name=\"robots\" content=\"index, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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