Blockchain transaction fees Ethereum reached a near-historic low of just 0,16 Gwei, or $0,01 per transaction. However, the number of transactions this week increased to 1,6 million.
Experts attribute the decline in commission costs to a drop in demand for эфириум from American investors. Coinbase Premium indicators also indicate that market participants are showing less and less interest in ETH. The indicator reflects the difference between the prices of Altcoyin on Coinbase and global averages. It fell to near zero, indicating a decline in domestic consumer demand.
Similarly, the six-month CME futures base for ETH has fallen to approximately 3%. This is a three-month low, reflecting the fact that institutional investors are less willing to pay a premium for leveraged positions.
However, the situation could change, as November has historically been a favorable month for Ethereum. On average, it gains 6,93% in price over the last month of autumn, and the 47,4% increase in 2024 is one of the best ever. Therefore, analysts are cautiously optimistic about the cryptoasset’s near future.
Whales are also showing bullish sentiment towards Ethereum, accumulating it. According to Santiment, wallets holding between 1000 and 100,000 ETH increased their balances from 99,28 million to 100,92 million ETH in October, continuing to buy even after the price declined 7% in the past month.