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Ethereum Slides But Flips Bitcoin In This Key Metric: Time To Load Up?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Slides But Flips Bitcoin In This Key Metric: Time To Load Up?

Dalmas Ngetich
Dalmas Ngetich
9 months ago
2 mins read
Standard Chartered prediction Bitcoin Ethereum

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Ethereum is down nearly 35% from July highs and roughly 40% from 2024 peaks. While there is hope among holders that the coin will expand, breaking local resistance, the short-term trend favors sellers.

From the daily chart, not only is ETH struggling to gain momentum and push above $2,800, but sellers have been relentless, diffusing any attempt higher. As the coin is capped below $2,500 at press time and actively aligning with the selling pressure of late August, Santiment analysts have picked out an interesting development.

Ethereum Register More Users Than Bitcoin

In a post on X, the sentiment analysis platform notes that though prices are down at spot rates, the network is interestingly resilient, especially looking at user growth metrics.

Related Reading: Analyst Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With 11,000% Breakout

In the last three months, the number of unique Ethereum addresses has been growing steadily, outpacing those of Bitcoin. However, it still lags the number of USDT addresses over the same period.

Ethereum has more uses than Bitcoin | Source: @santimentfeed via X
Ethereum has more uses than Bitcoin | Source: @santimentfeed via X

To put in the number, as of September 3, Santiment analysts noted that Bitcoin had 54.18 million unique wallets, down 0.1% in three months. At the same period, Ethereum boasted of more than 126.96 million addresses, up 3.3%.

The rise in the number of new users in Ethereum signals confidence in the network and even possible rising adoption despite challenging market conditions. Meanwhile, USDT, the fiat-pegged stablecoin, had 5.99 million addresses, up 4% in three months.

Of the three, the rapid growth of USDT addresses in the last three months could signal overall apprehensiveness among traders. As crypto prices contract, holders choose to convert their holdings to USDT, explaining the increase.

Ethereum price trending downward on the daily chart | Source: ETHUSDT via Binance, TradingView
Ethereum price trending downward on the daily chart | Source: ETHUSDT via Binance, TradingView

 

Another interpretation of this development is that more new users are keen to explore crypto. By holding USDT via custodial wallets or through exchanges like Binance, they will readily splash on Bitcoin or any other top altcoin whenever the time is ready.  

Bitcoin And Ethereum Whale Activity Declining

Even so, while there is growth in the number of users, whale activity, Santiment analysts observe, has been declining. Of note, the number of whale transactions has been down since Q1 2024 after prices peaked.

Whale activity falling |Source:@santimentfeed via X
Whale activity falling |Source:@santimentfeed via X

Surging prices, coupled with the approval of spot Bitcoin ETFs, especially in the United States, revived interest, explaining expansion in whale activity.

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Considering the general contraction of prices, Santiment analysts predict whale activity to drop. This outlook will only change once there is volatility spurred by Ethereum or Bitcoin prices ripping above key liquidation levels in the short to medium term.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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