Another wave of FUD surrounding the possible security status of Ethereum (ETH) is the key reason behind its “poor performance,” according to the data. However, passionate holders do not seem ready to sell en masse.
Another wave of FUD surrounding the possible security status of Ethereum (ETH) is the key reason behind its “poor performance,” according to the data. However, passionate holders do not seem ready to sell en masse.
Ethereum FUD Causes Record ETH Inflow to CEXs
Last week, Ethereum (ETH) supply saw mixed trends. As meme coin mania loses steam, aggregate Ethereum (ETH) fees fell 41%, says leading blockchain data tracker IntoTheBlock.
IntoTheBlock revealed these calculations in its latest On-Chain Insights. Newsletter.
Additionally, Ether recorded its largest weekly net inflows into centralized exchanges since September 2022: scared holders poured $720 million into CEXs.
This week, in addition to the “usual” rumors about the security status of Ether, some media outlets reported that the Ethereum Foundation was being investigated by law enforcement officials.
If Ethereum (ETH) is considered a security in the US, the Ethereum ETF’s approval prospects could be called into question.
As covered by Guru-InvestingUS congressmen and Coinbase CLO criticized the SEC and its leadership for failing to protect Ethereum (ETH) from a regulatory crackdown.
“ETH underperformance is real,” says IntoTheBlock
It is FUD that is to blame for the poor performance of Ethereum (ETH), according to data from IntoTheBlock. In the shadow of BTC’s wonderful rally, ETH has fallen behind Bitcoin and, in risk-adjusted terms, even behind the S&P 500.
Furthermore, the ETH/BTC ratio remains just above 0.05, slowly approaching its lowest point since June 2022. It is worth noting that BTC has already managed to surpass its 2021 high, while the rise of Ethereum (ETH) stopped 32% earlier. of the ATH.
At the same time, long-term ETH holders are not willing to sell their coins. The amount of Ethers in wallets that have been held for over a year continues to hit new highs despite the negative news.
