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Ethereum Registers 84% Drop In Issuance But Still Inflationary?

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Ethereum’s total coin issuance since switching to PoS has reached +2,317 ETH recently, Glassnode noted. This was over 84% decrement since the peak of 14.7k on Oct.

The massive drop in issuance is due to the burning mechanism whose main aim is to keep the asset on a deflationary path.

But, according to Glassnode, a total of 131,454 ETH has been issued to PoS validators, whilst 129,137 ETH has been burned via the EIP1559.

So, despite the overall drop in net issuance, the above figures suggest that the second biggest cryptocurrency might be moving towards an inflationary path.

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Ethereum Registers 84% Drop In Issuance But Still Inflationary? 2

For those who are unaware, issuing ETH entails producing new units of the cryptocurrency. Existing ETH is destroyed through burning, taking it out of circulation.

The rate of issuance and burning gets calculated on several parameters, and the balance between them determines the resulting inflation/deflation rate of ether.

Why is there a rise in issuance? Several factors comes into play with regards to the burning mechanism such as Ethereum network’s overall activity, transactions volume, and interactions with smart contracts Any anomalies between these variables can create a low volume and low number of burning activities.

This does not imply that the EIP1559 is a failure, either, as about 130,000 ETH have been taken out of circulation since Ethereum’s PoW algorithm was replaced.

In another study by Glassnode, ETH became the most deflationary amid the FTX collapse, reaching a deflationary percentage of -0.00090%, as of Nov 29. ETH has lost almost all deflationary gains.

Ethereum’s Deflationary Gains Erased

This reduction in deflationary gains equates to more than 80% retracement toward inflationary ETH percentages.

Additionally, the total amount of ETH burned using the EIP1559 BASEFREE burn mechanism has never been lower [ATL]. Not all is lost though.

The report highlighted ETH addresses with balances equal to or greater than 32 ETH are at an all-time high, despite the decline in deflationary gains and the current ATL burn volume.

That being said, the Shanghai upgrade, which will be the next important update after the merging and the transfer to proof-of-stake consensus, was announced by the Ethereum Foundation as having eight Ethereum Improvement Proposals [EIP] that would be looked into, TronWeekly reported the other day.

Is Ethereum Poised For A Price Upswing As Whales & Sharks Scoop Up ETH?

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Ethereum whales and sharks have increased their ETH holdings, scooping almost 2% of the current supply in a span of three weeks. According to data analytics firm Santiment, this cohort of investors’ activities is not ordinary.

Two years back, the same addresses accumulated 2.1% of available supply in five weeks and triggered a price upswing of Ethereum by over 50%.

Active shark & whale addresses continue accumulating with prices less than a quarter of their All-Time High levels a year ago. In Oct/Nov 2020, these 100 to 100k ETH addresses assisted in pushing $ETH to a +50% price rise over 5 weeks.

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Is Ethereum Poised For A Price Upswing As Whales & Sharks Scoop Up ETH? 4

If history repeats again, we might see a potential rebound from the current state of doldrums Ethereum is at, Santiment observed. Normally, price spikes on the upside are preceded by an accumulation tendency, but this has not been the case for ETH.

The world’s second-largest cryptocurrency by market capitalization is currently languishing less than a quarter of its previous peak levels a year ago.

Another leading data intelligence platform Glassnode noted that Ethereum balances on exchanges also hit a four-year low on 18 Nov.

As the crypto market continues to decline, the collapse of the crypto lender FTX occurred after the trading platform secretly invested user funds and failed to honor withdrawals during a bank run.

This has exacerbated the situation, pushing the whales’ and sharks’ wallets to continue accumulating the crypto asset.

For instance, the largest whales among them have added over $1 billion worth of the second-largest cryptocurrency by market capitalization in a single day.

Ethereum Could Witness A Price Rebound; Here’s Why

Additionally, this could be a sign of a wave of centralized exchanges losing trust after the FTX meltdown last week. Investors are increasingly choosing to keep their funds off the exchanges in this regard.

In a previous analysis, Santiment claimed that even though the cryptocurrency market’s overall sentiment is gloomy, things might possibly improve for the world of digital assets.

“The crowd FUD [fear, uncertainty, doubt] is real as markets wrap up the work week. Conversations relating to current market conditions on Twitter, Reddit, Discord, and Telegram indicate a major bearish bias. This historically increases the probability of future price rises.”

At the time of writing this post, ETH is exchanging hands at $1202 and is up 3.33% in the last 24 hours.

Ethereum: FTX Swindler Attempts To Cash Out

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FTX’s infamous hacker is on Ethereum dumping spree. Reports by Chainalysis found that funds that were stolen from the bankrupt exchange were bridged from ETH to BTC, likely to be mixed prior to a cash-out attempt.

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Ethereum: FTX Swindler Attempts To Cash Out 6

Ethereum [ETH] was caught in the middle of chaos following the collapse of the FTX exchange and the hacking incident that saw over $600 million worth of assets stolen from the exchange.

On Nov 11, the FTX hacker took away millions of dollars worth of ETH tokens by converting all of the other stolen assets, including stablecoins, to ETH. The move made the exploiter the largest Ethereum whale holding nearly $300 million worth.

Soon, there was widespread speculation that the swindler might attempt to cash out all the ETH at once, which could trigger a major price crash of Ethereum. Popular crypto analyst Dylan LeClair reported:

The FTX exploiter, who has been dumping all other drained assets for ETH, is now one of the largest holders in the world, with 228,523 ETH [$284.82m] currently in their wallet. Everyone should keep an extremely close eye on what happens next…

But according to the CEO of Hacken, a cybersecurity auditor, the hacker made a fatal error by sending some of the stolen money in Tether [USDT] on the Tron blockchain using his verified personal account on the cryptocurrency exchange Kraken.

This was corroborated by Kraken, which claimed to have already located the individual and blacklisted some of the assets after doing so. “We know the identity of the user,” Kraken CSO Nick Percoco stated on 18 Nov.

After Ethereum Dump, Exchanges Should Be On High Alert

FTX U.S. subsidiary general counsel Ryne Miller confirmed that FTX US and FTX.com had moved all of their digital assets to cold storage, following the attack.

While the legal proceedings are currently underway, it seems to have little effect as the unknown attacker is still moving funds from the exchange.

“Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out”, Chainalysis warned.

There were also multiple rumors of the exploiter being the Bahamas authorities that were quickly debunked by Chainalysis.

“Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.”

FTX Hacker Now Ranks as the 35th ETH Holder

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The hacker who made a tidy profit by taking advantage of the now-defunct FTX exchange last week has moved them to Ether.

According to blockchain intelligence firm Elliptic, the troubled FTX exchange’s wallets were raided for more than $663 million in various crypto assets just one day after it filed for Chapter 11 bankruptcy.

Elliptic believed that $477 million of this was stolen, with a significant portion of those tokens being converted into ETH, and that FTX itself moved $186 million worth of more than a hundred different tokens into secure storage.

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FTX hacker was using on-chain spoofing

Four days later, the attacker was still stealing money from victims through a technique called “on-chain spoofing.”

Beosin, a blockchain security company, reports that as of Nov. 15, the attacker held about $338 million in cryptocurrency after carrying out numerous swaps and cross-chain transactions over the previous day.

According to the wallet address, there are a whopping 228,523 ETH included, which, at the current market price, would be worth about $288.8 million.

According to the amount of ETH held, this places the account known as the “FTX Accounts Drainer” as the 35th largest Ethereum holder.

The Beacon Chain deposit contract, which holds about 15 million ETH, is the largest holder of Ethereum, according to CoinCarp’s rich list. Additionally, the majority of the top 20 are Decentralized Finance (DeFi) bridges, layer-2 protocols, and cryptocurrency exchanges.

27.7% of the total circulating supply of ETH is held by the top 20 ETH wallets, and a third is held by the top 50 wallets.

Since the exploits affected both FTX and FTX.US, many people theorized that it might have been an inside job. Hugh Brooks, director of security operations at the analytics company Certik, hinted at on-chain evidence to support this. On Nov. 15, he told Cointelegraph that it was impossible to rule out an insider with access to these wallets moving the money absent a private key compromise. The potential offloading of Ether’s 35th-largest holder flooding the markets hasn’t had an effect on price.

ETH is currently trading at $1,249.21 with no major movements in the last 24 hours.

FTX US Will Start Ethereum [ETH] And Polygon [Matic] Withdrawals Soon

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After a brief delay, FTX US will shortly begin Ethereum [ETH] and Polygon withdrawals, asking MATIC users to cancel their pending withdrawals and initiate a fresh request.

Earlier, FTX US alerted users that trading may be suspended on its platform in a few days. “Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.”

Sam Bankman-Fried, the company’s founder and CEO, tweeted about his plans to rescue the troubled firm, insisting that FTX US is a different entity from its global business and is doing just well. “FTX US was 100% liquid and not affected “by this shitshow. Every user could fully withdraw.”

This is in contrast to FTX International, the global crypto trading company that’s currently seeking funding to fill a reported $10 billion deficit.

Although FTX US has been described as a separate entity from the global operation, the two businesses are in reality closely related.

This is because the FTX brand as a whole has been frequently utilized in sponsorship agreements in the US, for instance, and some of those deals have specifically been made with both FTX and FTX US.

Additionally, a report from Bloomberg on 9 Nov. stated that the U.S. Securities and Exchange Commission [SEC] and Commodity Futures Trading Commission [CFTC] is investigating FTX, its handling of customer funds, and the degree of closeness between the two entities.

The situation became even more problematic when Bankman-Fried allegedly leaked Slack messages in his public tweets indicating prospective fundraising that would inject money into both FTX and FTX US at the same time.

Meanwhile, the price of Bitcoin and Ethereum has fallen significantly over the previous 24 hours, resulting in a 10.6% decline in the overall market capitalization of cryptocurrencies, which now stood at $914 billion.

Ethereum Trading At Premium Range On FTX

Data showed Ethereum‘s price has dropped 8% in the previous 24 hours and is currently hovering at $1,274. As a result, the market value of the second-largest cryptocurrency has decreased by 74% from its previous peak.

Compared to Binance and other platforms, ETH was fetching greater prices on FTX. as traders are perplexed by the peculiar market dynamic. According to data from the graphing tool TradingView, ether traded at a premium of $1307 on FTX.

Ethereum’s Vitalik Buterin Announces “Big Changes”

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Co-founder of Ethereum Vitalik Buterin unveiled an updated roadmap that featured a new phase in the ETH’s roadmap called “The Scourge,” which is said to address the MEV problems.

The most recent addition to the ETH roadmap would offer more tangible milestones in addition to the previous five-phase approach to scalability. based on the co-founder.

In order to increase network performance and scalability, the new Ethereum roadmap now has six phases: The Merge, the Surge, The Scourge, The Verge, The Purge, and The Splurge.

Except for the latest addition, other Ethereum upgrades are taking place concurrently after the switch from Proof-of-Work [PoW] to a Proof-of-Stake [PoS] network in September.

With Layer-2 techniques like sharding and rollups, which group transactions conducted off-chain to increase speed and reduce fees, the Surge focuses on scaling Ethereum.

Block verification on the Ethereum mainnet and other scaling solutions will be simplified, thanks to The Verge.

The Purge is not nearly as terrifying as the horror film of the same name. Its main aim is to ease network congestion, delete old data and make space.

And to make sure all previous upgrades function properly, the Splurge will include miscellaneous yet necessary additions. However, Scourge’s debut, which aims to solve MEV issues, is what draws the most interest.

Issues Surrounding Ethereum’s MEV

MEV stands for Miner Extractable Value, often known as Maximum Extractable Value in recent years.

It is a measurement of the profit a miner [or validator, sequencer, etc.] can gain by arbitrarily including, excluding, or reordering transactions within the blocks they generate on a blockchain network that supports smart contracts.

After the research team of a Web3 investment firm, Paradigm dug into them, the idea of Miner Extractable Value and the issues around it became well-known. In 2020, Dan Robinson, the head of Paradigm, wrote an article titled “Ethereum is a Dark Forest.”

Robinson claimed that front-running bots and other MEV problems might encourage miners to rearrange and submit transactions in their mempools for their own gain.

Given that users have had more than $663 million worth of value taken from them since 2020, MEV is currently recognized as one of Ethereum‘s top problems that affect its users on a large scale and is not just a minor issue.

ETH, BLUNT, and XRP Are on the Watchlist of Crypto Whales

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Crypto whales hold the largest amount of coins; hence they hold great power in this volatile market. With the current surge in the crypto industry, investors should be aware of the top coins with the highest potential to lift their portfolios in the coming months. Read on to find out why ETH, BLUNT, and XRP are currently on the watchlist of crypto whales.  

Crypto Rally Boosts ETH

ETH is the second largest cryptocurrency after Bitcoin. ETH is expected to strengthen its position, and the increase in ETH is often considered a bullish sign for the entire crypto market. 

One of the main return opportunities for ETH holders remains staking. At the end of October, ETH registered double-digit growth, one of the best developments  that overpowered the first largest cryptocurrency on the market since July. 

 Ethereum’s change in August 2021 regarding the decision to tie the number of ETH burned to network usage was one of the main changes that fueled the bullish movement. In other words, the more the network is used, the higher the price of ETH since supply decreases and demand increases. On the other hand, Bitcoin still uses the PoW mechanism, so analysts expect the ETH-BTC ratio to favor ETH bulls, turning ETH into an outperformer. 

Crypto Whales Prioritize $BLUNT Token 

Already known as the presale king; the $BLUNT token has quickly attracted the attention of crypto whales, who  rushed to buy BudBlockz’s native token from the early presale stage. Top-tier traders buying $BLUNT tokens stand to benefit from the many investment opportunities available on this innovative marijuana-based platform. 

$BLUNT token holders can buy and sell weed as long as they reside in a country where its use is legal. They can alsojoin the P2E weed-related gaming community, and  become fractional owners in cannabis businesses worldwide by purchasing NFTs. 

Why Is XRP on the Watchlist of Crypto Whales?

Market participants remain bullish on XRP as the SEC’s litigation’s final verdict will be released soon. Long story short, Ripple, the blockchain company whose native token is XRP, is fighting a legal battle with the US Securities and Exchange Commission (SEC).  The battle is finally ending after almost two years and that would push XRP’s price to new highs as investors seem to be ready for an uptrend. 

In addition, Ripple’s developers have also announced a new fund expected to boost network usage. Hence, crypto whales expect positive news from the SEC lawsuit, corroborated with increased network activity, which could lead to a significant bullish run for XRP soon.  

Bottom line

ETH, BLUNT, and XRP are the top tokens you should invest in  now if you don’t want to miss out on any opportunity. Crypto whales invest large amounts of money in these coins, which could strengthen the current bullish signals on these cryptocurrencies. Itcould be further fueled by a potential end of the crypto winter. 

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

Telegram Group: https://t.me/BudBlockz 

Discord Server: https://discord.gg/s7hBFgvTmN 

All BudBlockz Links: https://linktr.ee/budblockz

XRP, ADA Riding High On “Crowd Bullishness” In Q4: Report

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XRP along with Cardano [ADA], Bitcoin [BTC], and Binance Coin [BNB] is savoring positive crowd sentiment for the approaching Quarter 4, data aggregator Santiment indicated.

“The crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness have faded as traders anticipate a rebound here in Q4. XRP, ADA, BTC, and BNB all indicate crowd bullishness,” while adding ETH has turned “slightly bearish”.

In particular, as of October 20, the trader sentiment was at its most bullish in a month, and are anticipating a price rebound for the mentioned coins in Q4, Santiment wrote.

Bitcoin has a weighted sentiment of 0.52 among the highlighted assets. Ethereum [ETH], the second-ranked cryptocurrency by market capitalization, is the only prominent digital asset highlighted by the behavior analysis platform that is slightly bearish.

Positive crowd sentiment does not, however, always translate into similar price action. The market intelligence firm recently used Twitter to elaborate on how social media buzz dampens potential cryptocurrency bounce.

The crypto market experienced its highest level of social media optimism in the past two months during the spike on October 19.

Santiment noted that the market quickly responded in opposition to the sentiment of the crowd by dropping prices in both the cryptocurrency and equity markets until the excitement subsided.

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XRP, ADA Riding High On "Crowd Bullishness" In Q4: Report 9

Although the long-term crowd sentiment has remained negative, it was noted that swing trades in October have been primarily influenced by the frequency of bullish and bearish calls.

Santiment concluded that cryptocurrency prices typically rise when social media platforms show that market sentiment is bearish. The opposite occurs, and prices decrease when the market sentiment is bullish.

The latest report, nevertheless, highlighted altcoins standing out in the crowd, especially the XRP token.

XRP Favourite Among Retail And Institutional Traders

The XRP token continues to be popular despite going through some difficult times. Many investors, both retail and institutional, use the asset to complete their various transactions.

The strength of RippleNet transactions is one of many elements that contribute to the XRP token’s success. In addition to this fact, the market’s outlook, an increase in whale activity, and listing updates are significant contributors to its expansion.

XRP, ADA Are Among Top Crypto “Exposures”- Report

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Cardano [ADA], XRP, Solana [SOL], Polkadot [DOT], etc are among the top 10 crypto assets that have significant exposures from the world’s largest banks, a report by the Basil Committee on Banking Supervision [BCBS] has revealed.

According to the analysis, titled “Basil II Monitoring report” from the Bank of International Settlements [BIS], with access to a total of $9 billion in cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH] are the two that banks are most exposed to, with the dominant cryptocurrency accounting for 31% of the reported crypto exposure and ETH accounting for 22% of it.

While BTC and ETH together account for “nearly 90% of recorded exposures,” other well-known cryptocurrencies such as Polkadot and XRP contribute only 2% and almost the same amount, respectively, of reported exposure. Both Solana and Cardano’s ADA coin made up 1% of exposure.

Litecoin [LTC], which had 0.4% of reported exposure, and Stellar [XLM], which had a similar amount of exposure, were other cryptocurrencies in the survey.

Custody or wallet-related services were the main activity increasing banks’ exposure to cryptocurrencies. The exposure of these financial organizations is probably due to investments made in cryptocurrencies by institutional investors looking to enter the market without having to manage their own private keys.

Meanwhile, digital assets could pose a risk to the stability of the U.S. financial system, according to a recent analysis by government regulators and consultants, if their scale or ties to the established financial system were to increase without adhering to “proper regulation.”

After U.S. President Joe Biden signed an executive order on March 9, 2022, titled “Ensuring Responsible Development of Digital Assets,” the Financial Stability Oversight Council recently released a 124-page study on digital assets.

XRP May Be “Super Undervalued”- David Gokhshtein

David Gokhshtein, the creator of Gokhshtein Media and a cryptocurrency enthusiast, said he is “searching for something that’s incredibly discounted and is considering putting $1000 into XRP.” Gokhshtein frequently emphasized the significance of Ripple potentially succeeding in its legal battle with the SEC.

He added that he was thinking about adding more coins to the XRP bags he was already carrying. This is because he frequently has the urge to purchase additional XRP before its price skyrockets. Finally, based on the most recent tweet, it appears like Gokhshtein kept his word.

Cardano’s Charles Hoskinson Slams Ethereum Community For Being “Obsessive”

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Cardano and IOHK founder Charles Hoskinson has made some strong remarks against the Ethereum community in his latest tweets. Hoskinson criticized ETH fans for being obsessive since 2014 and that it all made sense after the merge.

“They just seem to really like technology and events from 2014. Levity aside, people really need to grow up and move on. It’s fair game,” he said.

He emphasized how the core Eth developers utterly disregarded his suggested Ouroboros consensus, and that bringing up Cardano by the same individuals who have chosen to ignore him for the past five years is, in his opinion, a “crime.”

Hoskinson also slammed the ETH crowd for indulging in discussions that he claims are devoid of intellectual honesty and commonsense. Expressing frustration over rumors that Cardano is a useless scam that couldn’t possibly be innovative, the founder said it hurts the industry as a whole.

With every HFC event, Cardano continues to deliver on its potential to be something better for the world’s systems. It’s community continues to grow and evolve. Next year we’ll make our largest contributions ever to governance and user experience. We’ll do that together.

“Cardano Doesn’t Require Cryptocurrency To Be Successful”

The founder said that Cardano does not need to rely on cryptocurrency in order to succeed and believes that the PoS Blockchain can grow to billions without poaching a single one from Bitcoin or Ethereum.

He further said solving real-life problems has always been the focus of his community.

The Input-Output CEO recently commented on one of Vitalik Buterin’s posts, saying “Ethereum could have saved a lot of pain and work by integrating Snow White.”

Hoskinson raised the issue back in 2021 and claimed that Elaine Shi’s Snow White Proof-of-Stake [PoS] consensus will make Ethereum 2.0 far better.

Elaine Shi, an associate professor at famed Cornell University, which is one of the US leading institutions for blockchain research, TronWeekly reported.

She co-wrote a paper on Snow White PoS consensus in 2016 that stated it would “provides the first formal, end-to-end proof of a Proof-of-Stake system in a truly decentralized, open-participation network” where nodes can join at any time, even after the system has been established.