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2 clusters · 4 sources · 12 days · First seen · Last updated

Ethereum market liquidity and network activity trends

Overview

Ethereum has recently exhibited a divergence between its market liquidity and network utility. In mid-October, liquidity on the Binance exchange reached a seven-month low, with the Ethereum Liquidity Shock Z-Score dropping to approximately -1.00. This decline suggested a potential shift in market structure, such as investors moving assets to private wallets. However, network fundamentals remained strong, with smart contract counts exceeding 72 million and daily active addresses consistently ranging between 300,000 and 500,000.

By late October, shifts were observed in the derivatives market. The funding rate for ETH perpetual contracts on OKX turned non-positive, marking the first instance since October 13 where buyers did not pay a premium for leveraged long positions. Despite this reduction in speculative premium, Ethereum maintained the largest share of long accounts among five major cryptocurrencies at 75.9 percent, surpassing Bitcoin, Solana, XRP, and Dogecoin.

Entities

OKX · Bitcoin · Solana · Binance · CryptoQuant

Timeline

  1. [BUSINESS] 2 sources
    Ethereum market activity shows shifting funding rates and long account shares

    Ethereum's funding rate for perpetual contracts hit a non-positive level on October 24, while maintaining a leading 75.9 percent share of long accounts among major cryptocurrencies.

  2. [TECHNOLOGY] 2 sources
    Ethereum shows divergence as liquidity hits seven-month low

    Ethereum shows a divergence as Binance liquidity hits a seven-month low, while network utility grows with smart contracts exceeding 72 million and steady active address counts.

Sources

coin-turk.com · koinbulteni.com · rande-academy.cz · tokenpost.com