Breaking
December 4, 2024

Ethereum Burn Rate Surges 1,600%, But Whale Dumping Holds Back Gains – Will ETH Break Free? | usagoldmines.com

Ethereum (ETH) has seen an increase in burn rate this month, indicating that usage and activity on the network have increased significantly.

Data from Etherscan shows that on September 1, only 80 ETH tokens were removed from the circulating supply. This number has since increased to 1,119 daily ETH tokens burned, representing more than a 1,600% increase.

(Source: Etherscan) 

However, this high burn rate has not been adequate to transform Ethereum’s status from inflationary to deflationary. Ultrasound Money shows that in the last 30 days, the number of ETH tokens added to the circulating supply has increased by more than 64,000. 

Ethereum’s rising supply has been one of the main factors inhibiting its price growth. The largest altcoin has largely underperformed against Bitcoin this year as demand for Ethereum products also declines.

According to a recent report by Coinshares, Ethereum investment products saw $28M in outflows last week, which is quite an underperformance given that flows to Bitcoin products were positive at $284M.

Large Ethereum Holders Continue to Sell

As ZyCrypto earlier reported, whales have been selling Ethereum at an unprecedented rate, affecting its price action. 

The Ethereum Foundation has been one of Ethereum’s biggest sellers. In September alone, the organization sold 1,150 ETH tokens valued at $2.8M, according to SpotOnChain.

Additionally, the Genesis Trading bankruptcy wallet and an Ethereum Initial Coin Offering (ICO) participant recently deposited more than $21M worth of Ethereum to exchanges.

Two major market players, including an Ethereum ICO participant and Genesis Trading’s bankruptcy wallet, deposited 8,510 $ETH ($21.9M) to CEXs in the last 9 hours!

#Ethereum ICO whale “0xb8c” sent 3,510 $ETH ($9.04M) to #Kraken again after 3 months. This whale still holds… https://t.co/83vDcHO6Qz pic.twitter.com/bRpdgKGVuH

— Spot On Chain (@spotonchain) September 23, 2024

However, despite these selling activities, ETH appears to be tracking Bitcoin’s price. After the recent gains, buyers entered the market, as seen in the Relative Strength Index (RSI), which has climbed from an oversold region to 60.

The Chaikin Money Flow also shows that sentiment is shifting from negative to positive as the indicator now points towards strong buying momentum.

(Source: TradingView)

This data suggests that buyers are gaining confidence in the rally. The positive sentiment could also be attributed to speculation around an altcoin season getting started. The total altcoin market capitalization has surpassed $1 trillion, creating speculation that an altcoin season could be getting started.

According to trader Ali_Charts, Bitcoin’s dominance hints at a possible drop to 47%, which could set the stage for the beginning of altseason.

Ether traded at $2,647 at press time after a 3.29% gain in 24 hours.

 

Recent:

Big $KOII Airdrop for Solana Seeker Pre-Orders Victor | usagoldmines.com
3 Top Low-Cap Altcoins: Best to Buy Now Stu L | usagoldmines.com
Coinbase Assets adds Gigachad (GIGA) and Turbo (TURBO) to its roadmap Hristina Vasileva | usagoldmin...
Citadel CEO Ken Griffin says he regrets not buying crypto in its bear market Florence Muchai | usago...
XRP’s meticulous 80% rise in 7 days: Is Forbes’ ‘Zombie Token’ list the next inverse fund bet? Shrad...
Putin says America is “eroding the foundation of its own economic dominance” Jai Hamid | usagoldmine...
Vestra DAO (VSTR) smart contract exploited less than a month after its launch Hristina Vasileva | us...
2 IcomTech Ponzi scheme promoters sentenced to 10 years in prison Florence Muchai | usagoldmines.com
Music Group Abba’s co-founder says ‘very unfair’ AI poses threat to artists revenue Hannah Collymore...
Donald Trump officially appoints pro-crypto Paul Atkins to replace Gary Gensler as SEC Chair Florenc...
Shibarium Upgrade Sparks SHIB Rally – Can It Propel Shiba Inu to $1? Hassan Shittu | usagoldmines.co...
Sol Strategies Sets the Stage for Growth with New Validator Acquisition Hassan Shittu | usagoldmines...
Binance Coin Hits All-Time High With Market Buzz Growing Around a New Coin Launch Tim Hakki | usagol...
Donald Trump Considering Caroline Pham, Perianne Boring for CFTC Chair Julia Smith | usagoldmines.co...
Why Are XRP and Cardano Going Up? This Low Cap Utility Token Blasts Past $2M In ICO  Tim Hakki | usa...
Grayscale’s Spot Solana ETF Could Ignite SOL to $400 – Here’s Why Bulls Are Watching Simon Chandler ...
BIT Mining Continues Focus on Litecoin and Dogecoin Mining Hongji Feng | usagoldmines.com
Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally Sebastian Villafuerte | usagoldmines.co...
Unyted + Vesa Vesa | usagoldmines.com
Trump confirms nomination of Paul Atkins as the new SEC chair Gino Matos | usagoldmines.com
Putin says Bitcoin is inevitable, endorses BTC over US dollar as global reserve currency Assad Jafri...
Tron’s TRX Copies XRP With Epic 70% Price Explosion To New All-Time High Of $0.43 Brenda Ngari | usa...
Michael Saylor Goes Mega Bullish, Points to $180,000 Bitcoin Price Aliyu Pokima | usagoldmines.com
Flockerz Raises $4.3M in Presale, Set to Become the Next Meme Coin Like $PNUT – $1B Market Cap Poten...
XRP Traders Rotate Profits Into Trending Meme Coin Catslap, $SLAP Price up 272% in 7 Days, CEX Listi...
BNB Price Surge: Upbeat Momentum Builds After $724 Breakout Godspower Owie | usagoldmines.com
South Korea’s crypto volumes spike as Woori eyes over $300 million Upbit exit Oluwapelumi Adejumo | ...
2024’s top performing layer 1 networks: CoinGecko report Florence Muchai | usagoldmines.com
The global economy might miss its chance for growth recovery next year, says OECD Jai Hamid | usagol...
The Fed’s reaction to Trump’s tariffs will be powerful – and quite negative Jai Hamid | usagoldmines...
Russia’s president Putin goes full-on pro-crypto, says no one can ban Bitcoin Jai Hamid | usagoldmin...
Exchange tokens BNB, BGB, and GT hit all-time high (ATH) levels Florence Muchai | usagoldmines.com
Tron to adopt MicroStrategy’s playbook Brenda Kanana | usagoldmines.com
Ripple’s RLUSD stablecoin launch set for Dec 2024 – Here’s all you need to know before the launch Fl...
Regulatory uncertainty to blame for dismal uptake of stablecoins in global e-commerce Nellius Irene ...
Crypto’s Biggest Ever Meme Coin Presale Pepe Unchained ($PEPU) Raises an Unprecedented $70 Million a...
XRP Surges Amid Bullish Wedge Pattern – Analyst Claims It Will Never Drop ‘Below $2 Again’ Simon Cha...
Best Crypto to Buy Now December 4 – TRX, HYPE, MNT Jimmy Aki | usagoldmines.com
Safe Aims for Visa-Like Crypto Payments with Safenet Cross-Chain Transactions Hassan Shittu | usagol...
U.S. Government Transfers $33.6 Million in Seized FTX Crypto to Strange Addresses Jimmy Aki | usagol...
PEPE Price Surges 128% in November, While WEPE Token Presale Storms to $400K – Could $WEPE Be Decemb...
Hut 8 Launches $500M ATM Program and $250M Stock Repurchase Plan Hongji Feng | usagoldmines.com
The Fed’s reaction to Trump’s tariffs will be powerful – and quite negative Jai Hamid | usagoldmines...
$1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price Sebastian Villafuerte | u...
Ethereum Price Is About To Confirm A Golden Cross On The Daily Time Frame, Here’s What Happened Last...
2024’s top performing layer 1 networks: CoinGecko report Florence Muchai | usagoldmines.com
Ripple, Cardano lead altcoin surge as market cap nearly doubles to $1.55 trillion Oluwapelumi Adejum...
Australia’s ASIC explores stablecoins, wrapped tokens in new crypto framework Oluwapelumi Adejumo | ...
PancakeSwap introduces SpringBoard, its own meme token launch platform Hristina Vasileva | usagoldmi...
Argo Blockchain Records $3.4 Million Revenue Despite Decline in Bitcoin Mining Jimmy Aki | usagoldmi...
Bitcoin Price Action Forms ‘Symmetrical Triangle’ Pattern – Breakout to $100,000 Incoming? Simon Cha...
XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets Ronaldo Marquez ...
Phantom Wallet Simplifies Crypto with Email and PIN Victor | usagoldmines.com
GAIB Secures $5M to Create AI Compute Economic Layer Victor | usagoldmines.com
Magic Eden Launches on Sei Network Victor | usagoldmines.com
Celebrating Crypto’s Early Icons: BTCC OG Week Honors Bitcoin and Meme Coin Pioneers KEY Difference ...
Australia’s ASIC proposes updates to crypto asset guidance Vignesh Karunanidhi | usagoldmines.com
Britain plans to take on the US as a global crypto hub — but can they? Florence Muchai | usagoldmine...
Bank of Korea Governor says interest rate cuts unlikely after unprecedented political unrest Florenc...
Tezos Aims to Democratize Uranium Trading with Blockchain-Based Uranium.io Platform Ruholamin Haqsha...
U.S. Spot Bitcoin ETFs See $676M in Inflows as Holdings Surpass 1M BTC Ruholamin Haqshanas | usagold...
If Dogecoin Mirrors Last Cycle, The Surge To $4 Begins At Week’s End Jake Simmons | usagoldmines.com
After Ripple’s XRP surge price now compares to America’s top 100 companies by market cap Oluwapelumi...
Phantom Safe from Solana Web3.js Bug; Upgrade to 1.95.8 Urged Hassan Shittu | usagoldmines.com
PancakeSwap Reveals No-Code Token Launchpad Platform ‘SpringBoard’ Sead Fadilpašić | usagoldmines.co...
Missouri Senate introduces bill to disqualify CBDCs as legal tender Liam 'Akiba' Wright | usagoldmin...
Bitcoin Well Adopts Canada’s First Bitcoin Treasury Victor | usagoldmines.com
Former Celsius CEO Alex Mashinsky Pleads Guilty to Fraud Victor | usagoldmines.com
Why is the crypto market down today? Liquidations near $600M, and bulls take a rest Florence Muchai ...
Whales are accumulating Solana (SOL) and Pepe (PEPE), what may be the reason? Hristina Vasileva | us...
Whale Activity Sparks Chainlink Rally, $52 Target On Traders’ Radar Christian Encila | usagoldmines....
Coinbase faces backlash over discouraging VPN access due to security concerns Oluwapelumi Adejumo | ...
Bitcoin Drops 30% on Upbit Amid South Korean Martial Law Victor | usagoldmines.com
South Korea Delays Crypto Tax for Two Years Victor | usagoldmines.com
Dubai’s virtual asset regulator issues alert against XT.com and six other crypto entities Lara Abdul...
South Korean Won strengthens, while XRP, BTC, and equities tank amid calls for the president to step...
XRP Price Eying Biggest Run In Years As Expert Tip Massive Bull Flag Pattern Aliyu Pokima | usagoldm...
Hut 8 Moves to Dismiss Shareholder Lawsuit, Claims It Stemmed From a Short Seller Ruholamin Haqshana...
Ethereum Price Dips, But Analysts Predict Explosive Surge to $15,000—Here’s Why Samuel Edyme | usago...
Bitcoin ETFs cross $1 billion in early December as price threatens $100k Liam 'Akiba' Wright | usago...
XRP Price Prediction: Can It Break Through the $3 Barrier Before January? Qadir AK | usagoldmines.co...
Australia’s New Crypto Rules Says Crypto Compliance No Longer Optional!  Mustafa Mulla | usagoldmine...
Virgin Voyages Accepts Bitcoin for Annual Cruise Pass Victor | usagoldmines.com
Binance Coin (BNB) breaks to new ATH, boosted by general altcoin trend Hristina Vasileva | usagoldmi...
Wall Street’s December opens cold, but a thaw may be around the corner Jai Hamid | usagoldmines.com
Siberian Local Gov’t Official Caught ‘Illegally Mining Crypto in His Garage’ Tim Alper | usagoldmine...
Ex-Celsius CEO Alex Mashinsky Pleads Guilty to Fraud Charges in Crypto Lender Scandal Shalini Nagara...
Australia’s Financial Watchdog Calls for Opinions on Digital Asset Regulation Updates Shalini Nagara...
South Korea Hits Record $34 Billion Trade Volume as President Declares Martial Law Ruholamin Haqshan...
‘Bitcoin Jesus’ Roger Ver Fights Tax Case, Claims Violation of Constitutional Rights Shalini Nagaraj...
Hydra Founder Sentenced to Life in Prison by Russian Court for Running $5 Billion Crypto Black Marke...
Solana supply chain attack contained, but users face six-figure losses Oluwapelumi Adejumo | usagold...
Crypto News | XRP, DOGE Fuel Massive Change in South Korea’s Market Structure: Details Wayne Jones ...
Crypto News | Pandana (PNDN) Reaches $600K Presale Milestone in Evolving Memecoin Market Chainwire ...
Crypto News | Tron (TRX) Enters ‘Banana Zone’ Exploding 70% to All-Time High Martin Young | usagold...
Crypto News | Is Tron (TRX) The Next Ripple (XRP)? Jordan Lyanchev | usagoldmines.com
Crypto News | After XRP and TRX, Is PEPE The Next Altcoin to Explode in Price? Jordan Lyanchev | us...
XRP News Today: Exploring the Impact of XRPL’s AMM and RLUSD Stablecoin Vignesh S G | usagoldmines.c...
Why is Bitcoin Price not Rallying Today? Anjali Belgaumkar | usagoldmines.com
Crypto Market Alert : The U.S. Govt Transfers $17.2M ETH, 54.8B SHIB, and More Qadir AK | usagoldmin...

By

Leave a Reply