Recently, the cryptocurrency market has been quite turbulent. In the last 24 hours, the Wang altcoin Ethereum is down 3.54%. The correlation between ETH and King Coin was 0.91, closely following BTC’s movement.
The last 24 hours have been very important for Ethereum as the bear gains momentum. On May 20th, the volume of the Ethereum network also fell significantly by 19.5% in the last day. Undoubtedly, this is a worrying signal for the Ethereum ecosystem and the crypto community in general.
How about the chart?
Trading volume has been hit hard across Ethereum as a result of falling prices and growing fears about financial markets.
Median volume fell to a 16-month low of $107.7 on Glassnode. report. This was disappointing to the ecosystem as it was a signal that whale activity was stagnant.
Of course, whale activity is often considered an important indicator of the overall sentiment of a crypto asset. The previous low was observed on May 20.
Source: Glassnode
Another worrying indicator suggested a bearish trend in many Ethereum-based addresses. The number of lost addresses on Ethereum reached 33.4 million on May 21, a two-year high.
Given the high number of lost addresses, it is not surprising that investors are closing their positions.
Source: Glassnode
Buterin is piled on more news
While Ethereum dominates social media discussions due to its upcoming ‘Merge’, Vitalik Buterin also took center stage. Recently, he tweeted, “I’m no longer a billionaire.” This serves as a shocking reality check for the Ethereum community due to Buterin’s holding of a digital wallet.
(btw btw I’m no longer a billionaire)
— vitalik.eth (@VitalikButerin) May 20, 2022
By November 2021, his digital wallet contained approximately $1.5 billion worth of assets. Since then, the price of Ether tokens associated with the blockchain has fallen by 55%. report. In November 2021, Ether was valued at around $4800 and has since dropped below $2,000. Selling during this period could be blamed for macro headwinds along with regulatory deadlocks.
Nevertheless, the Ethereum community will need to HODL the current bearish period with a recession warning screening on all fronts to win.