As Ethereum (ETH) prepares for the highly anticipated Merge upgrade, the network continues to record significant activity, considering that the blockchain update is viewed as a bullish sentiment for the asset. In this line, the number of newly created Ethereum unique addresses is surging ahead of the September 15 event.
As of September 2, the Ethereum network had 204,571,827 unique addresses, representing a growth of 2,210,529 addresses from the 202,361,298 recorded on August 2. Therefore, over the 30 days, Ethereum added about 71,307 addresses daily, according to Etherscan data.
Ethereum unique addresses chart. Source: Etherscan
It is worth noting that the added addresses do not necessarily indicate they are active or the unique number of people joining the network. Individual investors can sometimes have more than two addresses in different Ethereum wallets.
Although the crypto market is currently experiencing massive sell-offs, the Ethereum address growth can partly be attributed to the Merge upgrade that will transition the network to a Proof-of-Stake (PoS) blockchain.
Related
Bitcoin technical analysis shows more pain ahead as analyst hints at BTC’s bottomBitcoin must break this price threshold for any chance of a recoveryRevolut slashes crypto trading fees by 20% starting October 2022
It can be assumed that the new address owners are attempting to get a hold of the second-ranked cryptocurrency by market capitalization in anticipation of a possible rally. Notably, the depressed market makes it a perfect opportunity to get involved.
In this case, Ethereum has recently shown glimpses of rallying in anticipation of the upgrade, partly driving a broader market short-term rally in August following the update’s announcement.
Similarly, hints of a possible Ethereum future rally have emerged, with blockchain analysis platform Santiment noting that traders are shorting ETH at the highest rate since June 2021.
“The Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has shorted, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions,” Santiment said in a tweet posted on August 30.
Ethereum sorting chart. Source: Santiment.
It will be interesting to monitor how the upgrade will influence the current bear market, considering that most Ethereum investors are reeling in losses. As per a Finbold report on August 30, the number of ETH addresses in loss hit a new monthly high based on a seven-day moving average at 38,001,366.
Furthermore, some analysts have expressed skepticism regarding the possibility of Ethereum recording sustained gains. Although the upgrade will also make Ethereum a deflationary asset, Antoni Trenchev, the co-founder of crypto lending platform Nexo, notes that there is no guarantee the Merge will inspire a rally. He noted that the rally would depend on the update’s initial success.
Elsewhere, Ethereum is still attempting to hold above $1,500 amid the significant market sell-off. By press time, the asset was trading at $1,550, recording losses of over 2% in the last 24 hours.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Apple is laying off around 100 employees in its digital services division, focusing more on AI and away from areas like Apple Books. The upcoming iPhone 16 Pro will feature new AI capabilities, but these will be fully available only after software updates later in the year.
WeatherlyA Chinese court concluded a case involving a dispute over a virtual currency investment entrustment contract. The platform ran away, resulting in the investor being unable to recover millions of dollars, and it was ruled that the investor should bear the losses himself.
AlexLegendary trader Arthur Hayes said that if there is an economic recession in the United States, the Federal Reserve will increase its money printing efforts, thus driving Bitcoin to surge.
MiyukiBloomberg's senior ETF analyst, Eric Balchunas, predicts that Satoshi Nakamoto may lose his status as Bitcoin's largest holder by Halloween, a revision from his earlier estimate of late 2024. Satoshi is believed to hold around 84% of his original Bitcoin holdings.
KikyoThe Royal Malaysia Police dismantled a crypto scam ring targeting Japanese citizens, arresting 21 individuals who used luxury bungalows and social media apps to deceive victims. The operation involved sophisticated tactics, including using dating apps to lure investors and a commission-based payment system for the scammers.
AnaisSony BSL launched the "Soneium Minato" public testnet for Ethereum Layer-2 developers and introduced the "Soneium Spark" incubation programme for Web3 developers, creating a comprehensive ecosystem for innovation on the platform.
CatherineThis article introduces 11 spot Bitcoin ETFs approved in 2024 to help investors choose suitable investment tools and easily enter the cryptocurrency market.
AlexMeta Spark will shut down on January 14, 2025, ending its platform for third-party AR creation and removal of user-generated AR content from Instagram, Facebook, and Messenger. Meta is shifting its focus to AI and the metaverse, leaving AR developers to find new platforms like Snapchat's Lens Studio or Unity.
WeatherlyTelegram CEO Pavel Durov is under investigation in Switzerland for alleged child abuse, following a complaint by his former partner, Irina Bolgar. These accusations, involving unpaid child support and custody issues, surfaced after his recent arrest in France. Durov is out on $5.5 million bail but remains under judicial supervision.
CatherineThe SEC issued a Wells notice to OpenSea, claiming certain NFTs on its platform may qualify as securities, marking a significant regulatory shift towards the NFT sector. OpenSea’s CEO, Devin Finzer, responded by defending the creative freedom of artists and announcing a $5 million legal fund to support NFT creators.
Weatherly
