On August 29, a cluster of 10,000 BTC, which has been idle since 2013, began to move. According to a ForkLog report, investigators uncovered his link to the bankrupt Mt.
At the end of August, the RHODL Ratio and MVRV Z-Score measurements showed that the first cryptocurrency was oversold. The Hardness Band indicator Fixed at the end of the miner capitulation period, which is “a great buy signal,” according to Capriole Investments CEO Charles Edwards.
Other on-chain indicators did not signal a change in sentiment. The seven-day moving average of the number of active addresses (excluding interconnected ones) tested the lower bound of the bearish channel.
The ASOPR tool never crossed the 1 threshold during the month even as the bitcoin price tested the $24,000 level.
On the Ethereum network, the number of users interacting with the second iteration increased by 1.7% compared to the reporting period (1.6% in July). This is because of the upcoming The Merge.
Investors continued to transfer assets to non-custodial wallets in hopes of staking – the balances of centralized exchanges and the share of blocked Ethereum supply in smart contracts of DeFi applications dwindled.
At the end of August, the amount of ETH in the Ethereum 2.0 deposit contract exceeded 13.41 million coins. During the month, the indicator increased by 1.7 percent.
Ethereum price continued to be supported by the implementation of EIP-1559, but the coin burn rate has almost halved – 38,400 versus 60,000. Since the update was activated, the Ethereum network has pulled more than 2.5 million ETH from circulation.
Recall that the Ethereum developers planned the mainnet transition to the Proof-of-Stake algorithm around September 15.
On September 6, they activated the Bellatrix update. Upgrade is the last step before Merge.
Previously, a trader under the pseudonym filbfilb did not rule out a breakdown after the merger due to the triggering of the “buy on rumor, sell on fact” axiom.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.