Long-term holders of Ether, the currency of the Ethereum blockchain, appear to be holding on tighter than ever.
According to data from The Block, the active supply of Ether, or the supply moved from one wallet to another within a given time period, is currently at an historic low for a period of more than a year. The 30-day and 90-day effective supply levels are also near record lows, down by more than half from their peaks.
The supply of active ether has declined by about 9% over the past 12 months, while the supply of active bitcoin has also rebounded after hitting an all-time low, rising by about 1% over the past year to end the period. finished. -Years of active supply. Bitcoin's recovery has significantly narrowed the once wide gap in active supply between the top two cryptocurrencies by market capitalization.
With Base enthusiasm reaching record levels, new users appear to be flooding into the Ethereum ecosystem, although activity among long-term Ethereum users appears to be low. Last month, Ethereum added 3.66 million new addresses, the highest level since November 2021, when FTX collapsed.
Ethereum also received an upgrade from Dencun last month, introducing “blobs” to lower transaction costs on layer 2 networks.
As a result, the number of active addresses on the network increased, measured as a seven-day rolling average. This suggests that new activity is more than enough to compensate for the more conservative behavior of long-term holders.
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