• Home
  • Ethereum sees $60B in weekly transactions, 78% profitable

Ethereum sees $60B in weekly transactions, 78% profitable

The Most Important Details in Brief
  • Ethereum recorded $60 billion in transactions over one week.
  • 78% of Ethereum holders remain profitable.
  • Network activity shows an increase in large transactions and significant involvement from institutional investors.
  • The total value locked (TVL) in the Ethereum network is $59.327 billion.

Ethereum Transactions Reach $60 Billion in One Week

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, saw its transaction volume rise to $60 billion over the past week. This is the highest value since July and indicates growing demand for the network. According to data from IntoTheBlock, transaction volume has steadily recovered since mid-2022, after declining during a market downturn.

Price Development and Volume Dynamics

Historically, Ethereum’s price and transaction volume often move in tandem. During the peak periods at the end of 2021 and early 2022, both values reached their zenith before declining in the second half of 2022 due to a bearish market environment. At the time of writing, Ethereum is trading at $3,178.93, with a 24-hour trading volume of $48.48 billion. Despite a slight 0.70% drop in the last 24 hours, ETH gained 28.92% over the past week. The increase in transaction volume points to growing network usage, regardless of short-term price fluctuations.

Key On-Chain Metrics

Data from DefiLlama shows that the total value locked (TVL) in the Ethereum network is $59.327 billion. Stablecoins issued on the Ethereum blockchain have a combined market capitalization of $89.517 billion. Over the last 24 hours, transactions worth $2.387 billion were processed, with inflows amounting to $72.74 million. The number of active addresses stood at 391,248, while 64,793 new addresses were created. In total, 1.23 million transactions were carried out.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Notably, transactions worth more than $100,000 accounted for $51 billion of the weekly transaction volume. This suggests strong participation from large investors.

Holder Structure and Market Signals

Ethereum remains profitable for the majority of holders, with 78% of addresses currently in the green. Large holders, or wallets with a significant share of ETH, control 53% of the total supply, indicating a high concentration of assets. Ethereum also shows a strong correlation of 0.84 with Bitcoin, meaning ETH’s price often moves in line with the broader crypto market.

The majority of Ethereum holders are long-term, with 74% having held their assets for more than a year. Net outflows from exchanges show that $388.68 million worth of ETH was withdrawn from trading platforms over the past week. This suggests a lower willingness to sell, as more users store their tokens in private wallets.

Market signals are mostly positive. Indicators such as “In the Money” and “Concentration” show a bullish tendency. However, network growth and large transactions remain neutral, as does the momentum in the futures market.

Our Assessment

Ethereum shows strong network activity and positive on-chain indicators, pointing to sustained demand and participation. Despite short-term price fluctuations, the long-term outlook for Ethereum holders remains positive, especially for those holding their assets long-term. The high involvement of large investors and increasing outflows from exchanges suggest that confidence in the network’s future remains strong. Ethereum continues to be a key player in the crypto ecosystem, particularly in the areas of decentralized finance (DeFi) and stablecoins.

Casinos: 49
Profile Ethereum
Symbol ETH
Coin type Alt Coin
Transaction Speed Medium
Pros
  • Second largest cryptocurrency
  • Accepted in many casinos
  • High transaction speed
Cons
  • Partial bugs in smart contracts
Price $3,628.88
24h % -0.09 %
7d % 9.38 %
30d % 47.87 %
60d % 50.30 %
1y % 64.43 %
Market Cap $437,394,339,419.00
Official Links
Socials Reddit | X
Best 3 Ethereum casinos

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
Reviewed by
iGaming expert for > 10 years

Last update: 12. November 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.