Following the recent approval of spot Bitcoin ETFs by the SEC, Ethereum has emerged as a significant beneficiary, experiencing a notable surge in price and supply profitability.
Ethereum faced challenges in recovery after a flash crash on January 3, dropping to the $2,200 range. However, news of the Bitcoin ETF approval sparked a significant uptrend. Ethereum saw a 4.95% hike on January 8, surpassing $2,300, and a more than 10% increase on the ETF announcement day, reaching over $2,500. As of the latest data, Ethereum is trading above $2,600, outperforming Bitcoin's less than 2% hike post-ETF approval.
Source: Trading View
Ethereum's trading volume exhibited an uptrend, peaking at over $31 billion on January 11, the highest level in over five months. The sustained high volume indicates increased trading activity, with buyers showing aggressiveness in the market.
Source: Santiment
Ethereum's supply in profit, after facing a decline during the price downturn, experienced a notable surge. It went from around 80% during the downturn to close to 87% on January 11. The latest figures indicate the supply in profit at around 86.2%, equivalent to over 113 million Ethereum.
Source: Santiment
The seven-day active addresses for Ethereum have risen to around 2.3 million. Despite a previous decline starting around December 20, 2023, the number of active addresses has increased with the onset of the recent uptrend.
Ethereum's positive performance post-SEC approval reflects a robust market response, with a significant price surge, increased trading volume, and a higher percentage of the supply in profit.
This report reviews the first quarter of 2024 and incorporates data from April and the first week of May to show the direct impact of the halving on network data, hashrate prices, mining machine prices, Bitcoin mining stocks and other aspects of the mining industry.
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