Ethereum Resilience Shines: IntoTheBlock Analysis Shows Strength Amidst FUD
On-chain data from IntoTheBlock reveals Ethereum robustness, with high Mainnet activity driven by layer 2 solutions and increasing ETH holdings despite market uncertainties.
Despite prevailing uncertainties, Ethereum (ETH) demonstrates remarkable resilience, as highlighted by a recent analysis from IntoTheBlock (ITB). The data indicates a surge in ETH transferred on the Mainnet, reaching levels unseen since mid-2022.
Notably, the daily average volume mirrors patterns observed during the early stages of the 2020/2021 bull market. This time, the prominence of layer 2 (L2) solutions like Optimism and Arbitrum is evident, significantly enhancing activity while mitigating Mainnet fees. Transactions on L2s now surpass Mainnet volume by more than two-fold, with over 10 million ETH held on these solutions, marking a doubling since last year.
ITB assessment unveils a steadfast commitment among long-term ETH holders, despite regulatory ambiguities and negative sentiments. The consistent growth in ETH holdings held for over a year aligns with historical market cycles, suggesting accumulation during downturns and profit realization in bullish phases.
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Disclaimer: The information provided herein serves solely for informational purposes and does not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks, and individuals should exercise caution and conduct thorough research before engaging in such activities.
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