Ethereum

As of now, the Ethereum network is the cornerstone of blockchain. Yes, many new projects that are faster, more scalable, and cheaper are being built with new and innovative ideas. Additionally, numerous layer 2 projects are offering their own innovative ideas to basically leverage the certainty that the Ethereum network provides while eliminating its drawbacks. However, at the end of the day and in the midst of a brutal bear market, the king is Ethereum because it's a sure thing. In times of uncertainty, people will always go back to something that works with no outages and all those things. At least for the moment, if you want to feel safe, Ethereum is the go-to network.

And for that i have read a really good analysis from Glassnode about Ethereum on chains and i thought to share some of the more interesting things.

In the past weeks, the Ethereum (ETH) staking pool has undergone a significant transformation, marked by an increasing number of validators exiting voluntarily. This trend, starting in October, has led to a slowdown in the growth rate of ETH issuance, creating a deflationary turn in the ETH supply.

The surge in validator exits, reaching an average of 1018 validators per day since early October, has led to a decline in the Total Effective Balance within the staking pool. Notably, this marks the first reduction in balance since the Shanghai upgrade.

Simultaneously, the Ethereum network has experienced increased activity, particularly in token transfers and stablecoins. This heightened demand has driven up gas fees, leading to a deflationary turn in the ETH supply.

While the Binance exchange saw an initial decline in withdrawal activity across major assets following CZ's resignation, a recovery ensued over the next six days, showcasing user trust in the platform. The report suggests that this trust may further improve given the settlement requirement for US regulatory oversight in the coming years.

I find that those kind of reports are interesting to read because the offer an in depth view about what actually happens in the network and they can offer a goo signal for long term price.

For a more complete analysis read the report by Glassnode.
https://insights.glassnode.com/the-week-onchain-week-48-2023/

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