Ethereum Gas Prices Hit Record Low Amid Market Volatility

Ethereum’s gas prices have reached an all-time low as the cryptocurrency faces significant market challenges.

Despite recent approval for Ethereum ETFs, $ETH has struggled since the Dencun upgrade. The total supply of ETH has increased by over 197,000 ETH, contributing to a 35% drop in its price.

#Ethereum Gas Price Hits New All-Time Low

“Despite the approval of Ethereum ETFs, the price of $ETH has been struggling since the Dencun upgrade. ETH supply has increased by more than 197,000 ETH, and its price has fallen by 35%.” – By @EgyHashX

Link 👇https://t.co/GZ1Dt0NStv pic.twitter.com/PtbjWGyUzc

— CryptoQuant.com (@cryptoquant_com) August 19, 2024

Large Ethereum whales, each holding more than 10,000 ETH, have been actively selling off their holdings over the past month, and there are no indications that this trend will slow down. This selling pressure is exacerbating the market’s volatility.

Some of the largest #Ethereum whales, holding over 10,000 $ETH, have been steadily selling over the past month, with no signs of easing up. pic.twitter.com/ZP0g632lfE

— Ali (@ali_charts) August 19, 2024

Notably, Vitalik Buterin, Ethereum’s co-founder, transferred an additional 400 ETH (approximately $1.05 million) into the Railgun mixer today. Railgun is a privacy-focused tool that Buterin has endorsed for its ability to protect user anonymity. Over the past 10 months, Buterin has moved a total of 662 ETH (around $1.91 million) into Railgun, underscoring his commitment to privacy measures.

Vitalik Buterin (@VitalikButerin) just transferred another 400 $ETH ($1.05M) into the mixer #Railgun.

Vitalik previously mentioned that Railgun is an effective way to safeguard user’s privacy 👇

And over the past 10 months, he has continuously transferred 662 $ETH ($1.91M) in… https://t.co/YtfNBIjIEK pic.twitter.com/V7NUReaat9

— Spot On Chain (@spotonchain) August 19, 2024

Ethereum Spot ETFs Experienced Mixed Flows

In the past week (August 12 to August 16), Ethereum spot ETFs experienced mixed flows. The Grayscale ETF (ETHE) saw a significant net outflow of $118 million, while the BlackRock ETF (ETHA) and Fidelity ETF (FETH) recorded inflows of $76.35 million and $25.79 million, respectively. This contrast highlights shifting investor sentiment within the Ethereum ETF market.

Last week (August 12 to August 16, Eastern Time), Ethereum spot ETFs had a net outflow of $14.16 million. Grayscale ETF ETHE had a net outflow of $118 million, BlackRock ETF ETHA had a net inflow of $76.35 million, and Fidelity ETF FETH had a net inflow of $25.79 million.…

— Wu Blockchain (@WuBlockchain) August 19, 2024

As Ethereum grapples with these challenges, including falling gas prices and market uncertainty, it remains to be seen how these factors will influence the broader crypto landscape and Ethereum’s future performance.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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