MAC_D2023-12-04

Why $ETH is rising from an onchain perspective

1. $ETH Staked Realized Price Breakout The average unit price of $ETH staked on the Ethereum network is $2k. This is a key support and resistance price because it is the average unit price for investors who want to hold $ETH for the long term. It broke through $2k a few days ago and most of the long-term investors have turned to profit, which is likely to act as a key support. *Sources : Head of Research at CryptoQuant Julio 2. Deflationary phenomenon intensifies On November 10, BlackRock filed for a spot ETF with the SEC, and the total number of $ETH transactions began to surge, as did the amount of fees burned. As a result, the total supply began to decline sharply, and since the news was announced, the total supply has decreased by -82,861 ETH. 3. Grayscale Ethereum Trust Premium Gap Narrowing The premium, which had fallen to -59.49% in December '22, narrowed due to institutional buying. This can be seen as one of the reasons why institutional investors' massive buying of trust products pushed ETH higher.