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Ethereum (ETH)

Ethereum’s Empowering Reign: ‘Bitcoin Jesus’ Positions It as the Pioneering Force in Global Crypto Adoption

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During a recent episode of the Show Me The Crypto podcast, Roger Ver, a well-known investor and advocate of Bitcoin Cash (BCH), expressed his belief that Ethereum, not Bitcoin, will attract the majority of new users to the world of cryptocurrencies. Despite acknowledging Ethereum’s scalability challenges and the emergence of similar layer-one platforms, Ver emphasized that the Ethereum ecosystem remains the most active and influential:

“Despite not having the largest market capitalization compared to Bitcoin, I firmly believe that Ethereum is leading the way in driving global adoption.”

Ver commended the growing prominence of Ethereum Virtual Machine-compatible (EVM) blockchains and layer-2 scaling solutions like Polygon (MATIC) that offer effective mechanisms for alleviating the burden on the Ethereum main chain. These developments enable the distribution of workload, reducing strain and enhancing the overall scalability of the Ethereum network.

Roger Ver’s Insights: Ethereum’s Rise to Prominence

Ver recounts the historical “civil war” that unfolded during the early stages of Bitcoin, involving a conflict between Vitalik Buterin, co-founder of Ethereum, and the core developers of Bitcoin.

According to Ver, disagreements regarding the utilization of smart contracts and the divergence from the notion of blockchains solely serving as currency or stores of value ultimately led Vitalik Buterin to develop Ethereum. Ver highlighted that if not for the scaling dispute within Bitcoin, all those advancements would have been integrated into the Bitcoin network.

However, due to what Ver described as animosity from Bitcoin core developers towards Buterin, he was compelled to create Ethereum, a decision that Ver commended. Ver also expressed his disappointment with the controversial Ledger Recover service during the discussion. The service allows users to store their encrypted seed phrases with external custodians to mitigate the risk of loss.

While Ver acknowledged that it’s acceptable for individuals to opt for custodial accounts and key recovery, he emphasized that the core ethos of cryptocurrencies revolves around maintaining complete control over one’s assets at all times.

In January, Roger Ver faced a lawsuit filed by a trading unit of Genesis, a crypto lending company, for his alleged failure to settle approximately $20.8 million in unresolved cryptocurrency options. Ver asserted in a Reddit post during that time that he possessed enough funds to cover the outstanding amount. However, he argued that since Genesis was no longer financially solvent, he was not obligated to fulfill his part of the agreement from a legal standpoint.

In the previous year, Roger Ver attracted attention due to accusations of failing to fulfill a debt. Mark Lamb, the CEO of CoinFLEX, asserted that Ver owed the company $47 million in USD Coin (USDC) and cited a written contract to support the claim. However, on June 28, Ver refuted these allegations without explicitly mentioning CoinFLEX.

Bitcoin Funding Rates Surge As Liquidity & Market Makers Take A Hit

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Recently, Glassnode’s Lead On-chain Analyst took to Twitter to unveil a fascinating development in the world of Bitcoin. The analyst’s tweet revealed that the funding rates in Bitcoin perpetual swap markets were now generating a staggering 6% annualized yield. 

This revelation has sparked considerable excitement among traders, as it has been quite some time since futures traders have been able to generate higher yields compared to short-dated treasury bills.

The analyst speculated that this phenomenon could be attributed to the recent macro pullback in liquidity and market makers. These conditions have seemingly created an environment conducive to a return to a more natural state of play in the market. 

It is important to note that BTC perpetual swaps, being a riskier and more complex position, should logically yield more than T-bills. This suggests that the increased yield is not merely a speculative premium but rather a reflection of the asset’s inherent risk.

The analyst further highlighted that despite the increase in yield, open interest remains relatively low, and volumes are experiencing cyclically low levels. These factors provide additional evidence that the current situation is not driven by speculative fervor. 

Bitcoin Dominance Rising

Moreover, it is worth noting that Bitcoin is making a comeback in terms of dominance when comparing open interest and volume with Ethereum. Bitcoin’s dominance in the futures market now stands at an impressive 65% and is steadily rising. 

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This indicates that money and liquidity are gravitating back towards the stability and liquidity that Bitcoin offers, causing a concentration of market activity around the renowned orange coin.

These revelations have piqued the curiosity of investors and market enthusiasts as the cryptocurrency landscape continues to evolve. With Bitcoin’s funding rates yielding such attractive returns, traders are closely monitoring the situation to gauge the potential long-term implications. 

However, with shifting liquidity dynamics, the cryptocurrency market is striving to find a balance, and the spotlight is firmly on Bitcoin and its pivotal role in shaping the landscape of digital finance.

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Ethereum’s Top Holders Hit 10-Month Low While Non-Zero Addresses Soar

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In a recent development, Glassnode alerts have brought to light a significant shift in the Ethereum landscape. The number of addresses holding 1,000 or more ETH coins has reached a 10-month low, plummeting to a mere 6,268. 

This startling figure is reminiscent of a similar low observed on 2nd November 2022 when the count stood at 6,270.

On a contrasting note, ETH’s journey continues to witness other intriguing dynamics. The number of non-zero addresses associated with it has surpassed an impressive milestone, surpassing the 100 million mark.

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This noteworthy achievement highlights the growing adoption and interest in the Ethereum ecosystem.

Amidst these developments, the daily on-chain exchange flow of ETH has seen some noteworthy fluctuations. The flow of ETH into the exchanges recorded a significant inflow of $331.8 million, indicating a substantial amount of assets being sent to the platforms. 

On the other hand, the outflow from the exchanges amounted to a staggering $378.8 million, resulting in a net flow of -$47.0 million.

These figures provide a glimpse into the complex dynamics of ETH’s ecosystem, shedding light on holders’ behavior, the growing user base, and the fluid nature of asset movement within the exchanges.

However, as the cryptocurrency landscape continues to evolve, it will be intriguing to witness how these variables shape the future of Ethereum and the broader market.

Ethereum Will Lead Crypto Adoption

Meanwhile, in another eye-catching news, renowned Bitcoin investor and Bitcoin Cash advocate Roger Ver has made a bold claim about Ethereum’s potential to drive widespread crypto adoption. 

Speaking on the Show Me The Crypto podcast, Ver, often referred to as the “Bitcoin Jesus” due to his early support for Bitcoin, expressed his belief that Ethereum, despite its scaling issues, will be at the forefront of the crypto revolution.

Ver lauded the rise of Ethereum Virtual Machine-compatible (EVM) blockchains and layer-2 scaling solutions, such as Polygon, which alleviate the burden on the main chain. According to Ver, these developments will be crucial in attracting new users to the crypto space.

During the podcast, Ver also delved into the historical “civil war” between Ethereum’s co-founder, Vitalik Buterin, and Bitcoin core developers. 

He highlighted the disagreements over smart contracts and the departure from the notion of blockchains solely serving as currencies or stores of value. 

Ver emphasized that if not for this conflict, the advancements made by Ethereum would have likely been integrated into Bitcoin.

Nevertheless, Roger Ver’s insights into Ethereum’s potential and his candid remarks on the past and present state of the crypto industry make for a thought-provoking discussion. 

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Bitcoin Continues To Dominate Digital Asset Investment Outflows: CoinShares

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In the ever-fluctuating world of digital asset investments, Bitcoin once again takes center stage as outflows from various investment products continue for the sixth consecutive week. According to the CoinShares report, these outflows have reached a total of $39 million, contributing to a larger trend of declining assets under management (AuM) amounting to a staggering $272 million.

Bitcoin’s AuM Drops To $144m

With a focus on Bitcoin, the outflows from this leading cryptocurrency reached $11 million, indicating a significant movement of funds away from the digital asset.

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Bitcoin Continues To Dominate Digital Asset Investment Outflows: CoinShares 4

However, the most striking development lies in the outflows from short-bitcoin positions, which have experienced a more dramatic decline, accounting for 36% of the total AuM.

The overall decline in AuM has been particularly pronounced for short-bitcoin, witnessing a substantial drop from its mid-May peak of $198 million to a current peak of $144 million. 

This 27% decline is primarily attributed to the continuous outflows experienced by short-bitcoin, whereas long-bitcoin, in contrast, only witnessed a minor 3% decrease in AuM during the same period.

In addition to Bitcoin, other altcoins have also suffered outflows. Notably, Algorand experienced a significant loss, with 65% of its AuM outflowing last week, amounting to approximately $8 million. 

Ethereum, another prominent digital asset, saw outflows reaching $5.9 million. However, Litecoin and Uniswap were exceptions to this trend, as they experienced minor inflows of $0.5 million and $0.2 million, respectively.

Furthermore, the impact of the negative sentiment surrounding digital assets extended to blockchain equities, which witnessed minor outflows totaling $3.4 million last week.

Although the outflows from digital asset investment products are of concern, it is worth noting that trading volumes remained relatively low. 

They accounted for 58% of this year’s average, which mirrors the broader trend observed in the digital asset space, where volumes were only 38% of the average. 

In relative terms, however, investment products exhibited higher activity levels compared to the overall market, with last week’s volumes representing almost 8% of the total market, compared to the usual average of 2%.

However, as the crypto market continues to navigate through volatile times, investors and market participants will closely monitor the developments surrounding Bitcoin and other digital assets. 

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72% Dominance: Kaiko’s Ethereum Liquidity Report Unveils Exchange Concentration

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Kaiko, a leading cryptocurrency market data provider, has released its latest research report, shedding light on the liquidity landscape of Ethereum (ETH) and highlighting the dominance of a few key exchanges. 

The report indicates that 72% of ETH liquidity is concentrated on just five exchanges, marking a significant shift since the collapse of FTX last year.

Following the demise of FTX, the crypto market has faced challenges in maintaining adequate liquidity for assets. The shutdown of the Signet and SEN fiat settlement networks in the US severely impacted the operational efficiency of market makers. 

It has been reflected in Ethereum’s 2% market depth, which experienced a decline in March and has struggled to recover to pre-FTX levels. 

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However, the .1% depth, which measures liquidity around the mid-price, has rebounded to surpass pre-FTX levels as market makers regain confidence in offering liquidity within a tight range.

The study highlights the concentration of order book liquidity on a handful of exchanges since FTX collapsed. 

Ethereum: Shift in Liquidity from US-available Exchanges

Binance, Bitfinex, OKX, Coinbase, and Kraken collectively account for 72% of Ethereum’s market depth, while the remaining 41 exchanges represent only 28%. Before FTX’s collapse, the exchange and its US counterpart accounted for nearly 40% of the market depth.

Interestingly, the research also reveals a shift in liquidity away from US-available exchanges over the past year. The share of market depth on US exchanges has decreased to around 40%, down from a high of 54% before the collapse of Terra last May. 

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Global exchanges have benefited from regulatory crackdowns, attracting market makers seeking to avoid uncertainty.

Looking ahead, the report suggests that liquidity consolidation on a limited number of exchanges may continue for all assets, not just Ethereum, as the exchange space grapples with attracting market makers during an ongoing bear market.

In addition to the liquidity analysis, the report covers other notable trends in the crypto market. It discusses the stability of stablecoins amid the US debt ceiling drama, the outperformance of Curve DAO (CRV) and Synthetix Network (SNX) in the DeFi sector, the decline in MakerDAO’s liquidity following a large transfer to Binance, and the potential opportunities for OKX in Hong Kong’s upcoming virtual asset licensing regime.

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The insights provided by Kaiko’s research offer valuable information for investors, traders, and industry participants seeking to navigate the ever-evolving crypto market.

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Mysterious Ethereum Transfers: Kucoin Deposit Addresses Burn Millions 

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In a surprising revelation, Conor, the Director at Coinbase, took to Twitter to disclose a significant event involving Kucoin deposit addresses and the Ethereum burn address.

According to his tweet, thousands of Kucoin deposit addresses collectively transferred tens of millions of dollars worth of ETH to the Ethereum burn address back in September 2021. This substantial movement of funds seemingly went unnoticed by the public eye until now.

The transfer of funds to the Ethereum burn address, commonly known as the null address, has long been a curiosity for cryptocurrency enthusiasts. The null address is infamous for holding a substantial amount of ETH, and Conor’s tweet sheds light on the source of this accumulation. 

The transfers occurred over a span of three days, commencing on September 7th, 2021. More than 3,500 transactions involving both USDT (Tether) and ETH were executed as part of this event.

Speculation arises as to the reasons behind these transfers. Conor ponders the possibility of a one-off agreement between Kucoin and Bitfinex, a prominent cryptocurrency exchange, to redeem the USDT. However, the motive for burning the ETH remains a mystery, leaving analysts and industry experts puzzled.

The implications of such a massive movement of funds and the subsequent burn raise several questions. The lack of attention or awareness surrounding this event underscores the need for increased transparency and vigilance within the cryptocurrency ecosystem. 

Ethereum Whale Deposits 23,080 ETH To Binance

Whereas, just a few days ago, LookOnChain, a prominent cryptocurrency analytics platform, reported a noteworthy Ethereum (ETH) transaction. 

According to their tweet, an anonymous entity, commonly referred to as a “whale” in the crypto community due to their significant holdings, deposited a staggering 23,080 ETH to the renowned cryptocurrency exchange, Binance.

The transaction gained attention as it coincided with a notable surge in the price of ETH. At the time of the deposit, the total value of the cryptocurrency amounted to a staggering $44 million. The whale’s decision to deposit such a substantial amount raises curiosity and speculation within the cryptocurrency market.

For further analysis, LookOnChain provided additional information by disclosing the average withdrawal price for Ethereum. According to their data, the average price at which ETH was being withdrawn from the exchange stood at $1,820.

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Ethereum: Establishes Strong Support & Battles Resistance Amidst Address Activity

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Renowned analyst Ali has shed light on Ethereum’s latest developments, indicating the formation of a significant support level for the cryptocurrency. Ali’s analysis reveals that ETH has successfully established a support zone ranging between $1,786 and $1,839, prompting considerable market activity.

Remarkably, a staggering 3.54 million addresses were observed to have purchased a total of 8.85 million ETH within this critical range. This accumulation of Ethereum tokens by such a large number of addresses highlights the confidence and bullish sentiment surrounding the digital asset.

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However, despite this positive development, Ethereum still confronts formidable resistance in the price range of $2,063 to $2,120. Analyzing data sourced from IntoTheBlock, Ali reports that a substantial 823,540 addresses had previously acquired an astounding 24 million ETH within this resistance zone.

These findings underscore the potential challenges ETH may face as it strives to overcome the aforementioned resistance. Traders will be keenly observing whether Ethereum can breach this price barrier and sustain upward momentum.

Ali’s analysis, drawing upon reliable data provided by IntoTheBlock, offers valuable insights into Ethereum’s current market dynamics. The presence of both significant support and resistance levels suggests a crucial juncture for ETH as it navigates its path amidst shifting market conditions.

However, market participants are eagerly anticipating how Ethereum’s price action unfolds in the coming days as it vies to surpass the resistance zone and potentially initiate a sustained upward rally.

Ethereum Price Prediction

Ethereum (ETH) is displaying bullish signals, according to the most recent data provided by CoinMarketCap. The popular cryptocurrency is currently trading at $1,901.92, showcasing an increase of approximately 3.03% within the last 24 hours. However, when examining the weekly chart, a slightly higher increase of about 4.74% suggests a certain degree of market volatility.

ETH 1D graph coinmarketcap 2
Source: CoinMarketcap

Notably, ETH’s trading volume has experienced a significant surge, rising by 70.35% and reaching $7,023,990,776. The heightened trading activity indicates a heightened level of interest and engagement in the ETH market. Moreover, the market capitalization of ETH has increased by 3%.

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Ethereum: Establishes Strong Support & Battles Resistance Amidst Address Activity 11

A comprehensive analysis of Ethereum’s technical indicators reveals a bullish trend in the long term. As a result, experts predict that the price of Ethereum could surge by $40.82 over the course of the next seven days, potentially reaching a value of $1,942.03 by June 5th, 2023.

However, in the short term, a machine learning algorithm has determined that ETH is currently experiencing a neutral trend. Consequently, investors should anticipate a slight upward movement in the price, although there remains a possibility of a temporary decrease within the next few hours.

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Ripple CTO Voices Support For Public Disclosure Of Hinman Emails Amid Legal Battle

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Ripple CTO David Schwartz recently voiced his opinion as the crypto industry eagerly anticipates the public disclosure of former SEC employee William Hinman’s documents. In a speech delivered back in 2018, Hinman controversially stated that Ethereum should not be classified as a security.

Ripple’s Stance: Agreement to Keep Hinman Emails Public?

Schwartz’s tweet was in response to a statement made by Mr. Huber, who suggested that if Ripple agrees not to make the documents public, Coinbase could also request access to them. 

Huber, however, expressed doubt that Coinbase would want to involve itself in anything related to Hinman, considering its previous involvement in the matter. According to Huber, Coinbase was already aware of Hinman’s actions back in March 2018.

The Ripple CTO clarified that, although he is not a legal expert, he believed that Ripple would be unable to agree not to release the documents. 

He pointed out that the judge had ruled that the emails were judicial documents, and the public’s right to access them outweighed any other considerations.

In agreement with Schwartz, John E. Deaton, the founder of Crypto-Law.us, emphasized that even if Ripple and the SEC were to settle the case, the emails would still be disclosed. 

Deaton highlighted that Roslyn Layton’s motion to intervene to obtain the emails had been ruled moot since the emails were already scheduled to be unsealed. Therefore, if a settlement were reached, the judge would need to reconsider Layton’s motion.

As the community engaged in the discussion, some participants argued that once the court had classified the Hinman emails as judicial documents for public viewing, the litigants had no say in their release. 

They emphasized that any lawyer suggesting otherwise was simply mistaken. The consensus among these voices was clear: the Hinman emails were no longer a bargaining chip for the SEC and would inevitably be made public.

On a different note, others expressed concerns about Ripple’s involvement in the unfolding events, alleging that the company was using the situation to rally the XRP community while reporting exorbitant legal fees and assembling a large team of lawyers. 

They speculated that this entire saga was a calculated move to dismantle and rebuild the existing financial system.

However, as the crypto industry eagerly awaits the public unveiling of the Hinman documents, the ripple effects of this ongoing legal battle continue to reverberate throughout the community.

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Weekly Market Watch: Bitcoin & Ethereum Recovery, Altcoins Follow Suit

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Over the course of the previous week, there has been a slight surge in optimism within the cryptocurrency market. Bitcoin and Ethereum have managed to slightly surpass key resistance levels, indicating a modest rebound. 

This development has had a limited but positive effect on the overall market sentiment. Furthermore, a number of altcoins cryptocurrencies have experienced noteworthy growth in the weekly chart.

NEO is at the top of the list of altcoins experiencing significant gains this week, followed by Conflux (CFX) and Polygon (MATIC) in second and third place, respectively.

NEO has witnessed a remarkable surge of 20% in the last seven days, surpassing other top 60 tokens in terms of market capitalization. In the course of 14 days, it gained about 23.4%; the remarkable success of the token can be credited to the collaboration between Neo, the foremost blockchain platform driven by an open-source community, and AlchemyPay. 

AlchemyPay’s integration with Neo provides a seamless connection between fiat and crypto economies, enabling convenient entry and exit points to the Neo ecosystem.

At present, NEO is trading at $11.29, demonstrating a 5% increase in the past 24 hours and a slight 7.65% surge in the 24-hour trading volume. The token hit its peak of $11.45 after beginning at $9.1174, displaying a strong and remarkable performance. 

NEO 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, Conflux (CFX) is also gaining attention from the community as a second top weekly performer. Over the past week, CFX has experienced an impressive surge of approximately 15%. 

The token’s remarkable performance is due to the latest announcement stating that HaloWallet now supports a greater number of DApps on the Conflux Network. Users can now trade with Dmailofficial, CelerNetwork, GoledoFinance, SwappiDEX, and OfficialNucleon Dapps on Halo Wallet.

Currently, CFX is trading at $0.3264, reaching a peak at $0.3389 and closing the week at $0.329 after starting the week at $0.2964. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 1.24% increase, while its trading volume has decreased by 7.27% in the same time period.

CFX 7D graph coinmarketcap
Source: CoinMarketcap

Additionally, Polygon (MATIC) has also gained significant attention due to its weekly performance and notable gain of about 10%.

MATIC 7D graph coinmarketcap
Source: CoinMarketcap

It can be attributed to the news that Blueshift, a cross-chain liquidity aggregator, has announced that they are now live and operational. Users can now enjoy seamless bridgeless cross-chain swaps between Polygon and Cardano.

Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 6%, DOT at 4%, and Filecoin, with an increase of 6%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The leading cryptocurrency, Bitcoin, has witnessed a notable resurgence as it approached a critical resistance level. Following a period of 17 days, the currency successfully surged to $28,000. 

Subsequently, on May 10th, Bitcoin encountered a significant decline, leading to a subsequent trading range fluctuating between $27,646.35 and $26,600.14. However, on May 28th, it exhibited a recovery and reached the resistance point of $28,193.45.

BTC 7D graph coinmarketcap 4
Source: CoinMarketcap

Similarly, Ethereum followed a similar trajectory during the previous week. On May 10th, it experienced a decline after reaching a notable resistance level of $1,900. Nevertheless, Ethereum managed to sustain a consistent trading range, oscillating between $1,835.55 and $1,742.40. However, it has recently shown signs of recovery, with its value climbing back to $1,915.72.

ETH 7D graph coinmarketcap 3
Source: CoinMarketcap

Meanwhile, Santiment tweeted that the cryptocurrency market has experienced a notable revival during the ongoing Memorial Day Weekend in the United States. Specifically, as Bitcoin and Ethereum regained their position. 

However, the most remarkable development revolves around Fantasy gold, which has emerged as a significant highlight by skyrocketing an impressive 948% over the past week. The tweet also highlighted an overall increase in social volume for nearly all crypto assets, indicating heightened activity and interest in the market.

According to CoinMarketCap, Bitcoin is currently trading at $27,910.91, with a 3.95% increase over the past seven days but a 2.53% increase in the past 24 hours. On the other hand, ETH is being traded at $1,900.30, experiencing a 2.83% decrease in the past 24 hours and a 4.95% increase over the past seven days.

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Ethereum Developers Unite To Enhance Execution Layer & Address EIPs

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In a recent All Core Developers Execution (ACDE) call, Ethereum developers convened to discuss various proposals and updates related to the execution layer (EL) of Ethereum. 

Chaired by Tim Beiko of the Ethereum Foundation, the bi-weekly meeting addressed crucial topics and potential inclusions for the upcoming Cancun upgrade.

One notable discussion centered around an impact analysis presented by Neville Grech, Director of Dedaub, on Ethereum Improvement Proposals (EIPs) 4758 and 6780. 

These proposals aim to deprecate the self-destruct opcode, which transfers ETH balances and clears certain data. The analysis concluded that the impact of these EIPs is manageable and potentially beneficial.

However, concerns were raised by an Ethereum developer named William Morriss regarding the common usage pattern of self-destruct by maximal extractable value (MEV) searchers and decentralized exchange (DEX) traders. 

Morriss emphasized the need for code replacement capability to participate in priority gas auctions, proposing the introduction of a new instruction called “set code” within EIP 6913.

Ethereum: Progress On EIP 4844

Additionally, progress was made on EIP 4844, the proto-dank sharding proposal, which aims to improve Ethereum’s scalability. Discussions revolved around aligning gas pricing information for blob transactions and specifying the maximum number of blobs per block.

The potential inclusion of several EIPs in the Cancun upgrade was also debated. While EIPs 6780 and 4844 were confirmed for inclusion, the developers discussed the merits and challenges of incorporating EIPs 5920, 5656, 7069, 4788, and 2530. Due to time constraints, Tim Beiko suggested limiting future discussions to these five EIPs.

Based on its current scope, the Cancun upgrade is estimated to be at least 5-6 months away, according to Beiko. The developers agreed that further analysis and testing are required to determine the feasibility and impact of the proposed EIPs.

Nevertheless, the ACDE call highlighted the collaborative efforts of ETH developers to enhance the execution layer and prepare for the upcoming Cancun upgrade. 

However, the impact analysis, proposal discussions, and considerations for future upgrades demonstrate the community’s commitment to improving Ethereum’s functionality, security, and scalability.

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